Jyoti Structures shares hit a day high of Rs 9.04 on 23 October after it won a fresh Rs 689.93 crore transmission line order in Gujarat.

The news came from a Letter of Award, a formal go-ahead, issued by Gujarat Energy Transmission Corporation Limited, or GETCO.

Jyoti Structures told the exchange at 8:58 am, before trading began. The job is to build a 765 kV power line between Pachchham and Saykha in Gujarat.

A line of that voltage carries large amounts of electricity over long distances and forms part of the state’s main power network.

Jyoti Structures will handle everything, from design and materials to construction, testing and switching the line on. The industry calls this turnkey work.

The order is worth Rs 689.93 crore before GST. The company has 42 months from the award date to finish, and that clock has already started.

GETCO is not a related party. Jyoti Structures said neither its promoters nor promoter group companies have any interest in the Gujarat agency.

For scale, the order equals about 71% of the company’s total market value of Rs 975.22 crore on the NSE. That is a large job relative to the company’s size.

The company’s NSE page also lists two filings on 15 October about the resignation of a director, key managerial person or senior management member. The listing gives no names or reasons in the summary.

At 11:45 am, it’s trading at Rs 8.17 on the NSE, up Rs 0.09 or 1.11% from the previous close. That is well below the day high of Rs 9.04, and the low so far is Rs 8.07.

The stock is still down 41.56% over the past year and 12.43% over the past month, and its 52-week high is Rs 14.47.

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