Om Power Transmission shares hit a day high of Rs 176.55 on Thursday after winning a Rs 101.56 cr underground cable order in Gujarat.

Om Power Transmission Limited told the exchanges on 14 October that Uttar Gujarat Vij Company Limited (UGVCL), a power utility, has handed it a Letter of Acceptance.

That is the customer’s formal go-ahead, the step that comes before work begins. The filing reached NSE at around 7 pm on 14 October, after trading had closed for the day.

The job is easy to picture. Om Power will replace the existing power lines in Ambaji with cables buried underground. Because the contract is turnkey, the company handles everything from start to finish.

The order is worth Rs 101.56 crore including GST. Om Power has 45 days to get started and then 12 months to finish the work.

Om Power said the order comes from a domestic customer and is not a related-party deal. Neither its promoters nor its group firms have any stake in UGVCL.

Gujarat continued to offer strong business prospects for the company this month. Sources reported that Om Power also received a Letter of Intent from Gujarat Energy Transmission Corporation Limited (GETCO) for a Rs 78.84 crore turnkey transmission line project.

The same outlet also reported two further Letters of Intent from GETCO, worth Rs 129.66 crore combined including GST, for turnkey transmission projects.

In September, Hild Projects Private Limited gave the company a Rs 40.69 crore job, excluding GST, to build a switchyard at NTPC’s 600 MW solar plant in Bhuj. A switchyard is where a power plant connects to the grid.

At 10:13 am on Thursday, Om Power Transmission was trading at Rs 169.73 on NSE, up by 4.45% from Wednesday’s close of Rs 162.50. The session opened at Rs 168.90, and the day’s low so far is Rs 166.70.

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