Diamond Power Infrastructure hit a 52-week high of ₹387.50 on Sept 15, up 5% after a ₹179 crore order from Adani Electricity.

The company disclosed that it received a Letter of Award worth ₹179.43 crore, including GST, from Adani Electricity Mumbai Limited on September 3.

The order covers close to 871 km of underground power cables for the city’s distribution network, spanning 33 kV and 11 kV medium voltage lines along with 1.1 kV low voltage cables.

Diamond Power said these cables are being built to cope with Mumbai’s coastal air and heavy monsoon rain, using water resistant layers meant to stop moisture from creeping into the cable over the years.

The quoted price already covers packing, freight and insurance, so AEML still needs to raise a formal purchase order before the work officially kicks off.

This is the third year in a row that AEML has picked Diamond Power for this contract, which says something about how the relationship between the two has held up.

The cables will come out of the company’s Vadodara plant in Gujarat, with deliveries expected to start once manufacturing gets the green light, moving at around 50 km a month and faster if the project demands it.

The order lands at a time when Indian cities are shifting more of their power lines underground, which has kept demand steady for specialised cable makers like Diamond Power.

The company also supplies BEST, Mumbai’s other major power distributor, and had picked up a separate ₹76.06 crore order for 66 kV underground cables earlier this month.

At 14:32 pm on Tuesday, the stock was trading at ₹387.50 on the NSE, up 5% and sitting right at its 52-week high for the day.

It’s also the third straight session in the green for Diamond Power, and the stock has now gained more than 15% in just a week. Over the past year, it’s climbed close to 145%.

Ready to invest like a pro? Tradz by EquityPandit app equips you with 100+ Free tools and knowledge you need to succeed. Download the Tradz by EquityPandit app and gain access to daily stock lists and insightful market analysis and much more!