Shares of Bajel Projects Limited jumped as much as 6% to a day high of Rs 168.89 on 12 October after it bagged a Tata Power order in Mumbai.

In a filing to exchanges on 9 October, the firm said Tata Power has picked it to build two power substations in Mumbai.

It is an engineering, procurement and construction (EPC) contract, so Bajel Projects will supply the equipment and install it at both sites.

One substation sits at the Salsette receiving station. The other, an outdoor unit, is at Powai.

Both are 220 kV substations built with gas-insulated switchgear (GIS), a compact type of equipment that needs far less land than traditional setups, which suits a crowded city like Mumbai where space is tight and power demand keeps rising.

Valued between Rs 200 crore and Rs 300 crore including GST, the order lands in the company’s ‘major’ bracket under its own size-based classification.

Bajel Projects sorts its contracts into five size bands, with Rs 400 crore and above counting as ‘ultra-mega’. The deadline is 18 months.

That clock starts from the date the purchase order is issued. It is a domestic contract and falls within the firm’s ordinary business.

There is no related-party angle here. The company said neither its promoters, the promoter group nor its group companies hold any interest in Tata Power. This is not the firm’s first big win in recent months.

In August, it secured an order worth more than Rs 600 crore under the WR-ER Inter-Regional Network Expansion Scheme Part A, which put it in the ‘ultra-mega’ bracket.

That package covers 765 kV power lines in Chhattisgarh linking Raigarh and Dharamjaygarh.

At 13:43 pm, it’s trading at Rs 158.61, up 0.86% on NSE. The stock is still down about 11.6% over the past month.

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