Kalpataru Projects Shares Surge: Hits New Record High on BSE

 Kalpataru Projects Shares Soar

Kalpataru Projects International Ltd, formerly known as Kalpataru Power Transmission Ltd, saw its shares soar by 14.56% to reach a new record high of Rs 1,369.95 on the BSE. Over the past three months, the stock has surged by an impressive 42%, significantly outperforming the BSE Sensex's modest 1.96% gain and the BSE Capital Goods index's 21% rise.

Key Developments Behind the Surge

The stock's remarkable performance was driven by the company's announcement of signing three major contracts. Kalpataru Projects secured contracts for three packages in the third expansion phase of the Master Gas System Network (MGS-3) in Saudi Arabia with ARAMCO, totaling Rs 7,550 crore.

Historical Performance

The company had initially informed the stock exchanges about these EPC contracts for the MGS-3 project on March 5. Following this development, the stock has seen a substantial climb. Over the past six months, Kalpataru Projects' shares have risen by 106%, and over the last year, the stock has appreciated by 162%, solidifying its status as a multibagger.

Official Statement

"We are pleased to inform you that on 19th May 2024, the company successfully signed three contracts for the three packages of the third expansion phase of the Master Gas System Network (MGS-3) in Saudi Arabia with ARAMCO, amounting to approximately SAR 3.4 billion (equivalent to around Rs 7,550 crore)," Kalpataru Projects stated. The company received this notification on 19th May 2024 at approximately 3:29 PM (IST).