Shares of Techno Electric & Engineering Ltd. were locked in a 5% upper circuit on Monday after entering into an agreement with IndiGrid Ltd. for interstate power transmission projects.
The engineering and construction company has signed a securities subscription shareholders agreement with IndiGrid Ltd. to support the construction of the latter's two greenfield interstate transmission projects, Techno Electric & Engineering said in an exchange filing.
As part of the agreement, Techno Electric & Engineering will co-develop and invest in Ishanagar Power Transmission Ltd. and Dhule Power Transmission Ltd. The company will also invest some minority capital and assume the responsibility of project completion on a lump-sum turnkey basis, according to the exchange filing.
Shares of Techno Electric gained 5% to hit the upper circuit of Rs 1,729.60 apiece. It was trading 4.13% higher at Rs 1,715.25 as of 10:42 a.m.
The stock has gained 262.45% in past 12 months and 114.67% on year to date basis. Total traded volume so far in the day stood at 1.1 times its 30-day average. The relative strength index was at 59.64.
Out of five analysts tracking the company, three maintain a 'buy' rating, one recommends a 'hold,' and one suggests a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 0.8%
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