Techno Electric & Engineering

Share price of Techno Electric & Engineering scaled up to Rs 1700.70, surging 4.84 per cent per share on the BSE in Monday's intraday trade

The surge in the stock price followed Techno Electric's announcement of a strategic partnership with IndiGrid.

Shares of Techno Electric & Engineering hit a record high of Rs 1,218.75, and were up 9% on the BSE in Thursday's intra-day trade in an otherwise weak market on healthy Q4 performance.

Techno Electric & Engineering Company on Friday said it bagged new orders related to smart metering and transmission projects worth Rs 1,750 crore. One of the orders worth Rs 1,041 crore is for advance metering infrastructure (AMI) from RECPDCL (REC Power Development and Consultancy Limited) for 7.27 lakh smart meters in Kashmir on DBFOOT (Design-Build Finance-Own-Operate-Transfer) basis, the company said in a regulatory filing. Besides, the company also received transmission (projects) orders worth Rs 709 crore. The transmission orders include a substation package for Neemrana-ll from Sterlite worth Rs 199 crore, a substation package for establishment of 765,400 kV, 2x1500 MVA at Sikar from PGCIL worth Rs 223 crore, and a "substation package for (i) 765/400 kV Dausa and (ii) extension of 765 kV Beawar from PGCIL" worth Rs 288 crore, the filing said.

The management expects growth momentum of business as well as execution to continue for the coming three years.

The company received Rs 666-crore order from Rajasthan Rajya Vidyut Utpadan Nigam, Kota, and Rs 789-crore from the Rajasthan Rajya Vidyut Utpadan Nigam, Jhalawar

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Sources say offer has been made to P P Gupta of Techno Electric for a minority stake in the firm, who could chip in to help McLeod promoters bring in equity as per debt resolution

Sources say talks between the two parties are on, finer details of a settlement being worked out; top brass of both sides refuse to comment

On August 6, the National Company Law Tribunal (NCLT) had admitted an application filed by Techno for initiating corporate insolvency resolution process (CIRP) against McLeod.

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A total of 42,000 lakh shares changed hands on the counter on BSE

The stock surged 9% to Rs 630 after the company said that board will meet on July 14 to consider issue of bonus shares.