Kalpataru shares gain on order win for Thane metro rail project

Shares of Kalpataru Projects International Ltd. rose nearly 2% after the company together with its joint venture, secured a contract for the elevated metro rail project in Thane. The specific share of Kalpataru in the joint venture was not disclosed. The advance comes as the company continues to focus on expanding its portfolio in urban infrastructure, despite recent sectoral challenges.

Kalpataru Projects shares rose 1.96% to Rs 1225 in the current session against the previous close of Rs 1201.45. Market cap of the firm stood at Rs 20,457 crore. 

"The elevated metro rail order in Thane has strengthened our presence in the growing urban transportation EPC business, reinforcing our confidence in the growth optional of our Urban Infra business in India," Manish Mohnot, the company's MD and CEO, said.

Mohnot added that the company's strong order intake, diversified order book and robust execution places it favourably to deliver on its growth targets in the coming quarters. 

Last month, the company said it remains focused on growth in the transmission and distribution (T&D) sector even as it navigates delays in payments related to the Jal Jeevan Mission. Projects linked to the mission account for around 10% of the firm's total order book, with receivables above ₹1,000 crore. The company continues to highlight its business diversity as a tool to address these challenges.