Kalpataru Projects down 2% after IT dept searches group’s premises in Rajasthan, Mumbai

Income Tax department has conducted searches at premises of Kalpataru Group in Rajasthan and Mumbai.

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Shares of Kalpataru Projects International dropped 2 percent on August 4 as searches were being conducted by the Income Tax department at the company’s premises.

Tax sleuths have conducted searches at premises of real estate development company Kalpataru Group in Rajasthan and Mumbai on August 4, CNBC-TV18 reported.

At 12:10 pm, shares of the company were trading 2 percent lower at Rs 616.65 on the BSE. The stock has run up 11 percent in a month and about 61 percent in the past one year.

In May this year, Kalpataru Power Transmission announced changing its name to Kalpataru Projects International. The name was changed after the receipt of approvals from shareholders and regulatory authorities including the Ministry of Corporate Affairs.

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The company is reinventing itself into a global Engineering Procurement Construction company from a focused transmission & distribution player with presence in diversified geographies and diversified segments. It has been entering, building and scaling up new EPC segments over the last few years.

Also, the merger with its subsidiary JMC and specialised civil business in FY23 will likely strengthen its capability to undertake large complex EPC projects.

On May 30, three promoters had offloaded shares worth Rs 467.83 crore in the power transmission and infrastructure EPC company through open market transactions.

Analysts believe the promoters offloading nearly Rs 470 crore worth of stake in Kalpataru Power Transmission is not much of concern as the company has been doing very well. Though it is not known why the promoters sold their stake, analysts and investors seem unperturbed.

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