Rajesh Power shares jump 8% on Rs 472-crore order win

Rajesh Power Services Ltd shares rose as much as 8% on Monday after the company announced that it had received orders worth Rs 471.92 crore, including taxes, from Madhya Gujarat Vij Company Ltd (MGVCL) for power distribution network projects in Gujarat.

The orders involve the conversion of 11 kV overhead lines into medium-voltage covered conductors (MVCC) and the development of an underground network at various locations in Gujarat under MGVCL's SI Scheme Robust-III. The company said the orders were received in the normal course of business.

Rajesh Power shares touched a high of Rs 789, up 7.66% from its previous close of Rs 732.85. At 2:52 pm, the shares were trading at Rs 761.25

Rajesh Power Services order details

The contracts are domestic turnkey projects and are scheduled to be executed over 18 months. The projects cover the conversion of existing 11 kV overhead lines into medium-voltage covered conductors and the development of an underground network across various locations under MGVCL.

The order announcement was made in a filing dated October 12. The company disclosed the contract value at Rs 471.92 crore, inclusive of taxes; and said the promoter group has no interest in the entity awarding the orders. The contracts will not fall under related-party transactions.

About Rajesh Power 

Rajesh Power Services Ltd provides engineering, procurement and construction (EPC) services for underground power transmission and electrical infrastructure projects. Its services include project design, consultancy, procurement, execution, testing and commissioning, along with operations and maintenance, cable testing and fault-location services.