Bondada Engineering Ltd shares hit 5% upper circuit on receiving ₹2.5 crore work order from Bharti Airtel

Shares of Bondada Engineering rallied 5% to hit the upper circuit and a fresh 52-week high level at ₹2558.6 apiece on the BSE on Tuesday, June 18, after the company announced securing a new order worth over ₹2 crore.

In a filing to the stock exchanges, the company said that it has received an order worth ₹2.5 crore from Bharti Airtel for supplying a hot dipped galvanised 6 metre tall GI pole weighing 60 kilograms.

The pole will be supplied to Bharti Airtel in Tamil Nadu, the telecom infrastructure services provider informed the stock exchanges on June 15.

In a separate filing, the company informed the bourses about
the incorporation of a subsidiary called Bondada Managed Services Private Limited. The telecom infrastructure firm said that the parent company holds 95% of the share capital in Bondada Managed Services Private Limited. The newly incorporated subsidiary will offer operation and maintenance services for all kinds of cell towers and fibre optic systems and cables.

The company’s authorised capital is currently ₹1 crore, sub-divided into 10 lakh shares of ₹10 per share. The subsidiary’s paid up capital is ₹10 lakh divided into 1 lakh shares of ₹10 apiece, the company said.

Last week, the company received a letter of award from NLC India for a work order for Balance of System (BOS) work for setting up a 600 megawatt grid connected solar power project. The company also said that the project will involve the operation and maintenance of the grid for a period of three years after SCOD at Khavda in Kutch district of Gujarat. The company said in the release that the broad consideration for the order stood at ₹939.39 crore.

Bondada Engineering Limited is a diverse player in the telecom infrastructure sector. The Hyderabad-based company was established in 2012.