Kalpataru Power jumps 4% on winning contracts worth Rs 554 crore

NEW DELHI: Shares of Kalpataru Power advanced over 4 per cent in Wednesday's session after the company said its subsidiary won two contracts worth Rs 554 crore.

JMC Projects (India), Civil Engineering and EPC subsidiary of the company, has secured orders for a building project in South India totalling Rs 315 crore and a factory Project in Maharashtra of Rs 239 crore.

"We are happy with the new order wins especially in our Buildings & Factory (B&F) business. These new orders will strengthen our portfolio and will help us further expand our client base in the B&F market,” said SK Tripathi, CEO & Dy Managing Director of the company.

“JMC has won orders of around Rs 4,000 crores till date in FY21 despite the challenging market conditions, demonstrating JMC's impeccable reputation for domain expertise, prudent tendering and client confidence. Our execution capabilities and strong order book gives us confidence to deliver good performance going forward."

Shares of Kalpataru Power were trading at 4.39 per cent to Rs 285.45. The stock is down 30 per cent year-to-date against Sensex’ 6 per cent drop.