Kalpataru Projects signs contract with Saudi Aramco for projects worth ₹7,550 crore, shares hit 52-week high

Kalpataru shares opened higher by around 9% at ₹1,310 apiece on the NSE and rallied as much as 11.95% to hit a fresh 52-week high of ₹1,342.60 apiece.

Kalpataru shares have rallied around 172% from the 52-week low of ₹485 per share hit in May last year. The company’s shares have zoomed more than 76% in 2024 so far while 139% in the past year.

Kalpataru Projects International Ltd informed the bourses that it has signed three contracts with Saudi Aramco for three packages of the third expansion phase of the Master Gas System Network in Saudi Arabia for a contract value of SAR 3.4 billion (around ₹7550 crores).

The company received the information about the award on May 19, 2024, it stated in a filing.

Kalpataru Projects International Limited (KPIL), formerly Kalpataru Power Transmission Limited, in March had announced that the company received a letter of award from energy major Aramco for the EPC project related to three packages of the third expansion phase of the Master Gas System Network in the Gulf country.

The project scope covers laying of over 800 km of lateral gas pipeline. The company had not disclosed the contract value of the three packages.

The MGS‐3 aims to expand the existing gas network to provide gas supply to various industrial consumers in the region, the company had stated then.

This expansion of the gas network is expected to enhance the ability to meet the growing energy demand in Saudi Arabia.

The company had stated that it was focused on strengthening its presence in the oil and gas market in the Middle East region over the past few years.

Shares of Kalpataru Projects International were trading at ₹1,257 apiece, up 4.8%, on the NSE at 1:16 pm.

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