Bajel Projects hit a day high of Rs 199.88 on Monday after the company won transmission line orders worth over Rs 700 crore from Power Grid.

The two orders came from a Power Grid Corporation of India special purpose vehicle.

One is what the company calls an “ultra-mega” order, worth more than Rs 400 crore, and the other is a “mega” order, worth over Rs 300 crore. Together they take the single-day win past the Rs 700 crore mark.

The ultra-mega order covers the design, supply, erection, testing and commissioning of a new 400kV double-circuit transmission line connecting Jamshedpur to Ranchi and New PPSP.

The mega order involves building a new 765kV double-circuit line from Raigarh, in the Tamnar region, to Jamshedpur.

Both projects sit under the government’s WR-ER inter-regional network expansion scheme, aimed at strengthening power flow between the Western and Eastern grids, including across Chhattisgarh and Jharkhand.

Managing director and chief executive Rajesh Ganesh described the wins as among the company’s largest transmission line contracts to date, given their role in shoring up inter-regional power capacity.

These orders arrive close on the heels of a strong run for Bajel. The company’s outstanding order book touched a record Rs 4,055 crore as of 30 June, up 12.3% from a year earlier.

Just days before this Power Grid win, credit rating agency CRISIL upgraded Bajel’s long-term rating to CRISIL A+ with a stable outlook.

Standalone profit after tax for the June quarter also grew 37.2% year-on-year to Rs 4.5 crore, even though revenue slipped 6.7% during the same period. This isn’t the only order Bajel has picked up recently either.

In late July, the company signed an international contract worth over Rs 400 crore with Egypt’s electricity transmission utility, and in early June it won a domestic substation order worth Rs 300 to 400 crore from a data centre client.

The steady flow of new business has helped push the stock up more than 13% since the start of the year.

As of 13:40 pm, Bajel Projects was at Rs 194.25 on the NSE, up 1.29% for the day.

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