Transformers and Rectifiers India shares hit 5% upper circuit on ₹232-crore order win
Upstox
2 min read • Updated: February 26, 2024, 2:47 PM
Summary
Earlier this month, Power Grid Corporation accepted the supply of 25 MVAR and 8.33MVAR 245kV shunt reactors by Transformers and Rectifiers India.
Transformers and Rectifiers (India) Limited shares were locked at 5% upper circuit on Monday after the company announced securing orders worth ₹232 crore from Power Grid Corporation of India Limited.
The work order is scheduled to be completed within 21 months from the date of notification of award, the company said in a filing to the stock exchanges.
The order involves designing, engineering, manufacturing and testing at manufacturers works and supply of five 500 MVA, 400/220/33kV, 3-Phase ICT, 5 Nos of 500 MVA 400/220/33kV, 3-Phase auto transformers along with all the required filling and accessory. Additionally, the company will oversee the complete execution including transportation, in-transit insurance, loading and unloading and installation services, Transformers and Rectifiers informed the bourses on Saturday.
Shares of Transformers and Rectifiers (India) Ltd opened higher at ₹351 apiece on NSE on Monday and rallied 5% to hit the upper circuit limit of ₹361.4 apiece at around 10.15 am. The stock has gained more than 500% in the last one year and nearly 86% in the past three months.
Earlier this month, Power Grid Corporation accepted the supply of 25 MVAR and 8.33MVAR 245kV shunt reactors by Transformers and Rectifiers India. The units for the supply were manufactured at the Changodar Unit of Transformers and Rectifiers (India).
The company reported stable growth in financial results for the quarter ending December 2023. Its consolidated net profit increased 11.33% to ₹15.72 crore in the period under review from ₹14.12 crore in Q3FY23.
Transformers and Rectifiers (India) Ltd's revenue from operations also rose to ₹369.35 crore in Q3FY24, up 12.5% from ₹328.29 crore in the year-ago period.
Transformers and Rectifiers India Ltd is engaged in manufacturing and supply of transformers. It is presently India's second-biggest manufacturer of transformers in terms of capacity.
Outside India, the company has also executed work orders from countries like Canada and the United Kingdom.