This Forbes, Nomura-Backed Small Cap Stock Jumps After ₹75 Cr Order Win

Shares of Salasar Techno Engineering jumped after the company announced bagging ₹75.23 crore order.

What Happened: The engineering and infrastructure solutions company secured a contract from the Energy Development Corporation. This contract pertains to the Rwanda Transmission System reinforcement and last-mile connectivity project.

See Also: Nikhil Kamath’s Investment Spree Continues: Ather Energy Next In Line After Nazara, Licious?

The company has been tasked with the design, supply, and installation of 110 kilovolt transmission lines that will connect various African regions of Rwinkwavu-Kirehe, Gabiro-Nyagatare, and Rulindo-Gicumbi. The project is expected to be completed within 18 months.

The stock that was trailing in the red on Monday morning, spiked up sharply after the announcement was made. The Forbes EMF and Nomura Singapore-backed stock jumped up over 2% to hit an intraday high of ₹53.50. Forbes EMF owns a 4.05% stake in the company, while Nomura holds a 1.73% stake in the company.

Price Action: Salasar’s share price was up 1.83% to trade at ₹52.80 in early trade on Monday.

Read Next: This Tata Stock Made Rekha Jhunjhunwala ₹273 Cr Richer Today

Market News and Data brought to you by Benzinga APIs

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: NewsContractsMoversTrading Ideas