Salasar Techno gains 8% on repeat order of Rs 350 million from Reliance Jio

The stock was trading at Rs 385,its highest level since listing on July 25, 2017, rallying 256% against issue price of Rs 108.

Shares of Salasar Techno Engineering have moved 8% higher to Rs 385 per share, also their new high on the BSE, after the company said it has received new orders of Rs 490 million from leading telecom players in India and Nepal.

The company received an order of Rs 350 million from Reliance Jio to supply 300 telecom towers, Salasar Techno Engineering said in a press release.

The company also received export order of 100 telecom towers worth Rs 140 million to Nepal, it added.

Commenting on this new order Shashank Agarwal, Joint Managing Director, said “This new and repeat order from Reliance JIO shows the continued trust our clients have in us. We have also received an export order to supply towers as we try to create and increase our presence in the export markets.

Salasar Techno Engineering was trading at its highest level since its listing on July 25, 2017. the stock zoomed 256% against issue price of Rs 108.

Since debut in last year, the stock outperformed the market by surging 42% against 7% rise in the S&P BSE Sensex.