Shares of Jyoti Structures Ltd. surged by nearly 15% on Wednesday following the announcement of a substantial new contract. The company secured an order worth Rs 648.91 crore from Power Grid Corporation of India Ltd. for a critical high-voltage direct current (HVDC) transmission line project in Gujarat. This latest win contributed to a significant uptick in the company's stock value.
The contract, officially designated as Package TL05, is part of the ±800 kV HVDC Bipole Barmer-II and South Kalamb Transmission Lines project. Under the agreement, Jyoti Structures will be responsible for the supply, erection, testing, and commissioning of these transmission lines on a total turnkey basis. The project is slated for completion within 38 months from the date of the award.
Stock Performance and Recent Wins
Following the news, Jyoti Structures shares climbed to a high of Rs 10.36 apiece, marking a 14.98% increase from its previous closing price of Rs 9.01. The stock opened the trading session at Rs 9.25, reaching a low of Rs 9.22 before its rally.
This recent order from Power Grid is not an isolated event. It follows two earlier awards totaling Rs 949.35 crore, which Jyoti Structures received on October 26 for Packages TL01 and TL02 under the same transmission project, located in Rajasthan. With the addition of the Gujarat contract, the combined value of these three orders from Power Grid now stands at an impressive Rs 1,598.26 crore, excluding GST.
Expanding Infrastructure Footprint
Beyond the Power Grid projects, Jyoti Structures has also secured other significant contracts. The company recently won a Rs 689.93 crore contract from Gujarat Energy Transmission Corporation Ltd. for the 765 kV DC Pachchham-Saykha transmission line project, also located in Gujarat. Internationally, Jyoti Structures is actively involved in a 220 kV double-circuit transmission line project in Sri Lanka, in partnership with Hayleys Fentons Ltd., aimed at facilitating wind power evacuation to the national grid.
Jyoti Structures: An EPC Leader
Jyoti Structures is a prominent engineering, procurement, and construction (EPC) company specializing in power transmission infrastructure. Its comprehensive capabilities span design and engineering, manufacturing, prototype tower testing, construction, and project management. The company boasts an extensive track record, having constructed over 37,600 circuit kilometers of transmission lines and delivered more than 1,800 high-voltage substation bays across India and various international markets. It operates two manufacturing units in Nashik, with a combined galvanization capacity of approximately 72,000 metric tonnes.