Power utility stock jumps 5% as ₹472 crore order win boosts company's order book close to ₹4000 crore
Stock market today: Despite selling pressure across key Indian stock market indices — Nifty 50 down 150 points, BSE Sensex down over 550 points and the Bank Nifty index down by around 400 points at 1:15 PM, some utility stocks are performing well, defying the odds. Shares of Rajesh Power Services Ltd are one of them. This power utility stock is one of the beaten-down stocks on Dalal Street. Shares of Rajesh Power Services Ltd today opened with an upside gap at ₹747 apiece on the BSE and soon touched an intraday high of ₹789 per share, clocking an intraday rise of around 5%. Rajesh Power shares witnessed high buzz among Dalal Street bulls after the massive ₹471.92 crore order win, fueling the company's order book close to ₹4,000 crore.
In an exchange filing on Monday, Rajesh Power Services Ltd informed the Indian exchanges about the latest order wing, saying, “Rajesh Power Services Limited, one of the leading specialized EPC Contractors in Power Transmission & Distribution on Monday announced that the company has secured significant ₹471.92 crore turnkey contracts (inclusive of taxes) from Madhya Gujarat Vij Company Limited (MGVCL) for strengthening electricity distribution infrastructure across Gujarat.”
The mega order marks a significant milestone for Rajesh Power Services Limited, adding over 10% to its order book in a single stroke and taking the total order book closer to ₹4,000 crore, while securing 18 months of execution visibility.
The contracts involve the conversion of existing High Tension 11kV Overhead lines into Medium Voltage Covered Conductor (MVCC), as well as an Underground Cable network at various locations across Gujarat under MGVCL’s SI Scheme Robust-III.
Commenting on the development, Kurang Panchal, Chairman & Managing Director at Rajesh Power Services Limited, said: “This significant order from MGVCL marks an important milestone for Rajesh Power Services Limited. With our aggregate order book at approximately ₹4,000 crore, we continue to strengthen our project pipeline and business visibility. We remain focused on disciplined execution, operational efficiency, quality and safety while pursuing opportunities aligned with India’s expanding power infrastructure requirements.”
Expecting the bull run to continue further, Anuj Gupta, a SEBI-registered market expert, said, “Rajesh Power shares are looking positive on the technical chart. It is facing a hurdle at ₹800. On breaking above ₹800 on a closing basis, we can expect the Rajesh Power share price to touch ₹850 per share in the near-term.”
The SEBI-registered market expert advised existing Rajesh Power shareholders to hold the scrip for an upside target of ₹850, maintaining a strict stop-loss at ₹705. However, he advised fresh investors to wait for the decisive break above ₹800.
Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed media organisations like NDTV Profit, The Economic Times, and Zee Business. He has been working at LiveMint Digital since April 2021. During these two decades of journey in mainstream media, Asit has mainly covered external affairs, markets and personal finance. However, his earliest beats include railways, SME, MSME, and politics (Congress beat). Some of his features on political, economic, and foreign policy are documented in the parliamentary records. <br><br> While pursuing his MA (Mass Communication, Session 2004-06), Asit began his media career as a stringer at All India Radio in Varanasi. At AIR Varanasi, Asit worked with the Gyanvani, Yuvvani and Vividh Bharti teams. After working for nearly one year at AIR Varanasi, he shifted to print journalism and started working as a stringer for the HT Media Ltd, Varanasi. At HT Media Ltd in Varanasi, he covered the BHU beat. <br><br> Asit has also worked with some brokerage houses. He has worked with Religare Broking and India Infoline, where he assisted the research team in developing and executing trade strategies for intraday cash, F&O, and commodities. <br><br> Asit is a Gold Medalist in MA (Mass Communication) from BHU, Varanasi. He did his BSc. (Hons) in Mathematics from Magadh University, Bodh Gaya. Asit was a National Talent Scholarship holder during his senior secondary studies (1988-91).
Get Latest real-time updates
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.
HomeMarketsStock MarketsPower utility stock jumps 5% as ₹472 crore order win boosts company's order book close to ₹4000 crore
✕
Wait for it…
Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.