Despite the fact that Foreign Institutional Investors (FII) sold 34.7 lakh equity shares in a bulk trade on Thursday, the fast-growing steel structure manufacturer’s shares touched a 5-percent upper circuit of Rs 29.45 per share.
With a market capitalization of Rs 4,648.76 crore, the shares of Salasar Techno Engineering Ltd were trading at Rs 29.45 per share, increasing around 4.99 percent as compared to the previous closing price of Rs 28.05 apiece.
As of December 2023, Nomura Singapore Ltd, a Foreign Institutional Investor (FII), owns 34.7 lakh equity shares in Salasar Techno Engineering Ltd, representing a 1.10 percent position. On Thursday, Nomura Singapore Ltd divested its entire shareholding in the firm.
Looking into the company’s financial, Salasar Techno Engineering Ltd’s revenue increased by 6 percent from Rs 258.73 Crore in Q2FY23 to 275.35 Crore in Q2FY24. During the same period, net profits increased by 20 percent from Rs 7.51 crore to Rs 9.05 crore.
The company has three cutting-edge manufacturing facilities with an installed capacity of 2,11,000 MTPA, each equipped with CNC machines, industrial machinery, hydraulics and cranes, plasma cutting machines, press break machines, beam welding and straightening, three-axis drilling machines, and automatic shot-lasting machines.
The organization has a Pan-India reach and serves over 600 clients and consumers. The firm has a global footprint, having supplied over 50,000 telecom towers, 746 kilometers of power transmission lines, and 629 kilometers of railway tracks. services 25 plus countries.
Salasar has a long-standing technological partnership with Ramboll (Denmark) to provide lighter, lower-cost tower constructions and high mast poles. With over 60 years of expertise in developing towers, their designs have been tested and shown to work well.
The business received a Letter of Intent from the Nepal Electricity Authority (NEA) for Rs. 1,430 Mn, as well as an EPC order from Energy Development Corporation Limited for Rs. 752.38 Mn to design, supply, and build a 110kv transmission line in Africa.
Salasar Engineering Limited has emerged as a rapidly rising steel structure maker and EPC infrastructure firm, offering services in the telecom, energy, and railway sectors.
Written by:- Abhishek Singh
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