Rajesh Power Services, a small-cap player in the stock market, experienced a remarkable 18% surge in its share price during intraday trading on the BSE this past Wednesday, April 23. The company’s stock opened at ₹1,053, slightly lower than its previous close of ₹1,057.20. Investors were buoyed by the announcement of substantial new orders totaling ₹1,116 crores from various government and institutional clients, propelling the share price to a peak of ₹1,247 at one point during the day.
Major New Contracts Secured
In a significant development, Rajesh Power Services confirmed via an exchange filing that it has secured orders worth ₹1,116 crore from a mix of government and institutional customers specifically in Gujarat.
- The company has been awarded a turnkey contract for the supply, installation, testing, and commissioning of an 11/22KV HT underground cable and overhead MVCC network.
- Additionally, orders were received for the design, engineering, manufacturing, supply, erection, testing, and commissioning of 220/66kV GIS/AIS substations in the region.
- They will also handle the supply, erection, testing, and commissioning of 132kV/66kV underground cables in Gujarat.
These projects are anticipated to be completed within a timeline of 12 to 18 months, indicating robust growth potential for the company.
Share Price Performance and Trends
Rajesh Power Services’ stock has shown an impressive upward trend, remaining in the green for nine consecutive sessions, amassing a total gain of 46%. In just the month of April, the stock has risen by 26%, following a 21% increase in March.
- The stock reached its 52-week high of ₹1,270.30 on January 22, 2023, and recorded its 52-week low at ₹636.50 on December 2, 2022.
Investors and market analysts are keenly observing Rajesh Power Services as it continues to secure significant contracts and enhance its market position. For those interested in staying updated on stock market movements, consider checking financial news platforms regularly.
Conclusion
The surge in Rajesh Power Services’ stock price underscores the company’s promising prospects following the announcement of substantial new orders. With a strong performance in the market and ongoing projects in Gujarat, Rajesh Power Services is a stock to watch in the coming months.
