This Ashish Kacholia-owned stock jumps over 5% on bagging ₹450-crore order from Adani Energy Solutions
Jyoti Structures' shares rose 5.3% to ₹32 after securing a ₹450 crore order from Adani Energy Solutions for a 765 kV transmission line. Ace investor Ashish Kacholia recently acquired a 2.52% stake in the company.
Shares of Jyoti Structures, one of the leading EPC players in the power sector, rose 5.3% to ₹32 apiece in intraday trade on Wednesday, October 23, snapping their two-day losing streak after the company announced a significant order win.
In a regulatory filing today, Jyoti Structures informed investors that it secured a ₹450 crore order from Adani Energy Solutions. The order involves the survey, soil investigation, supply of towers, foundations, erection, stringing, and commissioning of the LILO (Line-In-Line-Out) of the 765 kV DC Bhuj II-Lakadia transmission line at Navinal, Gujarat, on a turnkey basis. The project is expected to be completed by April 2026, the filing said.
This is the second order Jyoti Structures has received from Adani Energy Solutions in less than four months. In mid-July, the company was awarded a ₹117.74 crore contract from the Adani Group company for the construction and partial supply of the 765 kV D/C KPSIII-AP44 transmission line.
Jyoti Structures has seen its shares gain 73% so far this year, building on a remarkable 50% increase in calendar year 2023, driven by a series of significant order wins. In August, the company secured an order worth ₹105 crore from a private developer for the supply of towers for a 765-kilovolt DC transmission line project.
In April, the company successfully completed all three transmission lines awarded by Mundra Port and Special Economic Zone, showcasing its capability in the electricity transmission sector.
Jyoti Structures specialises in electricity transmission, distribution, and substations, delivering turnkey projects that include design, testing, manufacturing, erection, and commissioning of transmission lines and power distribution projects both domestically and internationally.
Ashish Kacholia, known as the "Big Whale" of Dalal Street, acquired a fresh 2.52% stake in Jyoti Structures during the September quarter (Q2), according to data from Trendlyne.
According to the latest shareholding pattern, general shareholders hold the majority stake in the company at 96.8%, followed by domestic institutional investors (DIIs) at 1.9% and foreign institutional investors (FIIs) at 1.4%.
For the quarter ended June 2024 (Q1FY25), the company reported a consolidated net profit of ₹5.09 crore, compared to ₹2.46 crore in the same period last year. However, revenue from operations fell to ₹88.29 crore from ₹185.17 crore year-on-year.
Stellar Performer
Since March 2023, the company's shares have exhibited a consistent upward trend, surging from ₹5 apiece to the current trading price of ₹32, marking an impressive gain of 540%.
Despite this remarkable rally, the stock remains approximately 90% below its all-time high of ₹311, reached in February 2008.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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