Shares of Bajel Projects Ltd skyrocketed 15% on Friday, 13 December, after the company announced securing a new contract from Torrent Power project company Solapur Transmission to supply materials and services for the construction of a new 400/220 KV substation in Maharashtra.

The contract covers the design, engineering, production, supply, erection, civil work, testing, and commissioning of a 400/220 KV substation in addition to the installation of two 400 KV line bays at Power Grid Solapur. After receiving the letter of award (LoA), the project should be completed in 15 months.

Bajel Projects had a net profit of Rs 3.66 crore during the September quarter thanks to higher revenues. Furthermore, compared to the Rs 4.44 crore loss it had reported in the same quarter of the previous fiscal year, the company’s Q2 net profit was a notable increase.

The company’s operating revenue increased from Rs 199.96 crore in the same period last year to Rs 662.41 crore in Q2. Electricity transmission and distribution are handled by Bajel Projects, a branch of the Bajaj Group.

Bajel Projects is one of the flagship companies of Bajaj Group, and it has emerged as a significant name in the power transmission and distribution sector over a period of time.

At 1:00 pm, the shares of Bajel Projects were trading 14.68% higher at Rs 280.90 on NSE.

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