Shares of Bondada Engineering Ltd. were locked in a 5% upper circuit on Tuesday after it won a contract worth Rs 575 crore. The contract involves the design, survey, supply, installation, testing, and commissioning of grid-connected solar power plants, as per an exchange filing.
The order was awarded by Lumina Clean Energy Pvt., Purelight Energy Pvt., and VVKR Photovoltaics Energy Pvt., which are special purpose vehicles formed by Paradigm IT Technologies Pvt. and Metalcraft Forming Industries Pvt., both software companies based out of India.
These plants are part of the Mukhyamantri Saur Krushi Vahini Yojana 2.0 under the PM-KUSUM Solar project, aimed at solarising selected agricultural feeders at the sub-station level in Maharashtra.
The project also includes the setup of associated 11 kV lines to connect the plants with the sub-stations and a remote monitoring system for the solar installations.
Shares of the company were locked in 5% upper circuit of Rs 3,684.45 apiece since opening. This compares to a 0.04 advance in the BSE Nifty 50 Index.
The stock has risen 783% on a year-to-date basis. Total traded volume so far in the day stood at 0.6 times its 30-day average. The relative strength index was at 74.79, indicating that the stock has been overbought.
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