This small stock spikes over 100% in 6 months, bags its first foreign EPC order

The company hopes to execute the order worth Rs 143 crore in next 24 months

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Share price of Salasar Techno Engineering jumped over 3 percent on January 18 after the company bagged order worth Rs 143 crore from the Nepal Electricity Authority (NEA).

This marks the company’s first ever EPC (engineering, procurement, construction) order from a foreign country.

At 12:30pm, the small-cap stock was quoting at Rs 51.90 a share on the National Stock Exchange, higher by 4.53 percent. The scrip has doubled investors’ wealth, gaining over 100 percent in the past six months.

It has a market capitalisation of Rs 1,640 crore, of which Rs 606 crore is free float.

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As per an exchange filing, the company has secured the Letter of Intent (LOI) from NEA for “procurement of material equipment, associated accessories and necessary installation services for 33/11 KV substations and 33 KV, 11 KV, 400 V lines and distribution system networks in Dang, Rukum East and Baitadi Districts of Nepal”.

The company hopes to execute the order in next 24 months. “This order has enabled us to establish our presence in exports market and acts as a testimony of confidence placed by the foreign clients,” Shashank Agarwal, Director, Salasar Techno Engineering said.

Incorporated in 2001, the New Delhi-based company carries out engineering, designing, procurement, steel fabrication and galvanising works.

In Q2FY23, it posted a 25 percent year-on-year fall in its consolidated net profit to Rs 7.51 crore on account of increased expenses. Its total income, however, rose to Rs 258.78 crore from Rs 199.56 crore in the year-ago quarter.

In September 2022, the company raised Rs 82 crore through qualified institutional placement (QIP) from foreign investors, including Forbes EMF, Nomura Singapore and Maybank Securities. FII ownership in the company stood at 12.2 percent as of September-end.