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Business News/ Markets / Stock Markets/  Stock market today: Salasar-RVNL JV emerges as lowest bidder; shares jump
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Stock market today: Salasar-RVNL JV emerges as lowest bidder; shares jump

Stocks market today: Shares of RVNL and Salasar Techno witnessed buyers' interst in morning deals after the RVNL-Salasar JV was declared lowest bidder from the Madhya Pradesh Power Transmission Company Limited for ₹174 crore project

Stock market today: Salasar Techno shares showed strength in a weak market. It is set to leverage the growing demand for monopoles in India. (MINT_PRINT)Premium
Stock market today: Salasar Techno shares showed strength in a weak market. It is set to leverage the growing demand for monopoles in India. (MINT_PRINT)

Stock market today: Despite weak trends in the Indian stock market today, shares of Rail Vikas Nigam Limited or RVNL and Salasar Techno Engineering Ltd opened upside in the opening bell. RVNL share price today opened upside at 261.90 apiece on NSE and went on to touch an intraday high of 262.60 apiece within a few minutes of the stock market's opening. However, the stock failed to sustain at higher levels after the profit booking trigger and touched an intraday low of 253.50 apiece.

Like RVNL shares, Salasar Techno share price too opened upside and went on to touch an intraday high of 24.45 apiece on NSE, logging to the tune of a 4 percent intraday gain. The small-cap telecom stock is still in the green territory at higher levels.

Triggers for RVNL-Salasar Techno shares

As per the information available on the BSE website and exchange filing by RVNL, the joint venture (JV) of the RVNL-Salasar has emerged as the lowest bidder for the construction of 132 KV and 220 KV transmission lines for the Madhya Pradesh Power Transmission Company. The order is worth 173,99,04,310 or around 174 crore. 

However, only RVNL has shared the update with the Indian exchanges about the development. Salasar Techno Engineering Ltd is yet to share such an update with the Indian exchanges.

RVNL informed Indian stock market exchanges about the development saying, "In terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is hereby informed that RVNL-SALASAR JV emerges as the Lowest Bidder (L1) from Madhya Pradesh Power Transmission Company Limited for “Construction of 132 KV & 220 KV Transmission Lines and associated Feeder Bays on total Turnkey basis in Eastern MP"."

Salasar Techno having more than sixteen years of experience in designing & manufacturing various kinds of Telecom Towers, Monopoles, and other Heavy Steel Structures along with execution of large turnkey projects for Railway and Power Sector PSUs, has geared up to capture a significant portion of the exploding demand for monopoles.

Monopoles, once widely used only in the US and European countries, are now becoming popular in India too. This is because monopoles have distinct advantages over lattice towers w.r.t. space, speed of erection, short delivery time, and more. The benefit of smaller base installation space, even for high-rise 40 to 50 m poles, makes monopoles an eco-friendly alternative as well.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 22 Feb 2024, 02:14 PM IST
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