Bondada Engineering sees profit-booking on new order; stock slips 4% from day’s high
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The company further stated that it estimates the order to be executed within 4 months of order confirmation
Profit-booking was seen in Bondada Engineering’s stock on the BSE on October 4, with the share price dropping 4 percent from the day’s high to Rs 175 per share. This dip followed the infrastructure company’s announcement of securing a work order from Hinduja Renewables valued at Rs 8.08 crore (excluding GST).
The company debuted BSE SME exchange on August 30, 2023. Since its listing, the stock of this small cap company has surged over 20 percent. Moreover, so far the stock has soared 133 percent over its issue price of Rs 75 per share.
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In an exchange filing on October 3, the company said that the new work order from Hinduja Renewables entail supply, service, erection, testing, and commissioning of 16.5 MWp project at Sivgangai Tamil Nadu.
The company further stated that it estimates the order to be executed within 4 months of order confirmation.
Incorporated in 2012, Bondada Engineering provides engineering, procurement, and construction (EPC) services and operations and maintenance (O&M) services to companies operating in the telecom and solar energy industry.
The company also provides passive telecom infrastructure services, which include cell site construction, erection, operation, and maintenance of telecom towers. The company had installed over 11,600 telecom towers and poles, out of which 7,700 telecom towers were installed in the last three fiscal years.
READ MORE: SME IPOs reach all-time high in September
In the fiscal year ended March 2023, the company’s revenue had surged 59 percent year-on-year (YoY), whereas profit-after-tax (PAT) jumped 80 percent YoY during the same period.
The company’s initial public offering (IPO) was open between August 18-August 22, 2023. Herein, it received 112.2 times (x) subscription from investors. The object of the issue was to meet long-term capital requirements and other general corporate purposes, said the company.
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