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Bondada Engineering locks in 5% upper circuit, hits new high on order win

The surge in the share price came after the company announced that it has secured an order worth Rs 5,75,74,73,650 crore (approximately Rs 576 crore).

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SI Reporter New Delhi

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Bondada Engineering stock hits all time high: Shares of Bondada Engineering were locked in the 5 per cent upper circuit at Rs 3,684.45 per share on Tuesday, August 27, 2024. This was also the stocks’ fresh all-time high. 

The surge in the share price came after the company announced that it has secured an order worth Rs 5,75,74,73,650 crore (approximately Rs 576 crore).

In an exchange filing, Bondada Engineering said, “We wish to inform the stock exchange that Bondada Engineering Limited has received Letter of Award from Lumina Clean Energy Private Limited, Purelight Energy Private Limited and VVKR Photovoltaics Energy Private Limited.”
 

“The above companies are special purpose vehicles (SPV’s) formed by the PPA owners namely Paradigm IT Technologies Pvt Ltd and Metalcraft Forming Industries Pvt Ltd, both are software companies based out of India,” Bondada Engineering said.  

The company will oversee the entire process of designing, surveying, supplying, installing, testing, and commissioning grid-connected distributed solar power plants. This work is aimed at solarising selected agricultural feeders at the sub-station (SS) level within the MSEDCL jurisdiction. Responsibilities also include connecting these plants to the relevant 11 kV lines and implementing a Remote Monitoring System (RMS) for the solar power plants. 

The initiative is part of the Mukhyamantri Saur Krushi Vahini Yojana 2.0 under the PM-KUSUM Solar projects, which are being rolled out across various districts in Maharashtra, it added.

Earlier this month, the company announced that it has fixed Monday, September 2, 2024, as the 'Record Date' for determining entitlement of equity shareholders for the purpose of subdivision/ split of existing equity shares of the company in the ratio of 1:5 i.e. existing 1 equity share of the company (having a face value of Rs 10 each) shall be subdivided/split into 5 equity shares (having a face value of Rs 2 each).

On August 13, Bondada Engineering said that it has received an add on work order of Rs 85.14 crore from Bharat Sanchar Nigam (BSNL) for providing infrastructure Service (IaaSP) for supply and erection of GBT, Infrastructure as a Service Provider (IaaSP) for supply installation of Infrastructure Item, and the subsequent operation & maintenance (O&M) for five years.

Bondada Engineering is known for its expertise in passive telecom infrastructure, offering a range of services including the construction, erection, operation, and maintenance of telecom towers. 

The company provides integrated solutions encompassing civil, electrical, and mechanical works, supply of poles and towers, laying and upkeep of optical fibre cables, and provision of power equipment to major telecom firms and tower operators in India. To date, the company has successfully installed over 11,600 telecom towers and poles, with 7,700 of these completed in the last three fiscal years.

Additionally, Bondada Engineering extends O&M services to telecom and tower operating companies. These services include preventive and corrective maintenance of passive infrastructure and equipment, backup power systems, manning services including supply of riggers, surveillance, and maintenance of optical fibre cable routes.

The manufacturing facility of Bondada Engineering is strategically located in Keesara Mandal, Medchal, Telangana, boasting an installation capacity of approximately 12 thousand Metric Tonnes Per Annum (MTPA) for tower fabrication.

Currently, Bondada Engineering employs a workforce of over 550 professionals dedicated to delivering high-quality services and solutions in the telecom and solar energy industries.

The company falls in the BSE SME IPO category and has a market capitalisation of Rs 7,959.17 crore.

At 10:11 AM, the shares continued to remain locked in the 5 per cent upper circuit. In comparison, BSE Sensex was trading marginally (0.03 per cent) lower at 81,672.55 levels.

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First Published: Aug 27 2024 | 10:18 AM IST

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