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Shares of Techno Electric and Engineering Company gained as much as 8 percent on Monday after bagging multiple orders worth Rs 700 crore.

The order size is nearly half of the company's free-float market capitalisation of Rs 1,360 crore.

Among the three orders include an order from Goa Tamanar Transmission Project Ltd., worth Rs 126 crore, another is from the Tripura State Electricity Corporation Limited for transmission work worth Rs 230 crore and the last one pertains to setting up 2.5 lakh smart metres in Jammu and Kashmir on design, build, finance, own, operate, transfer (DBFOOT) basis.

The Jammu and Kashmir order is from REC Power Development and Consultance (RECPDCL) and is worth Rs 338 crore.

Techno Electric & Engineering is a major player in engineering, procurement and construction (EPC) services in the power sector. The company provides services in power generation, transmission and distribution.

In the quarter ending September 2022, the company reported a 9.3 percent drop in its consolidated net profit at Rs 58.81 crore compared to Rs 63.49 crore in the same quarter a year ago. The company’s net sales also declined by 16.60 percent to Rs 228.03 crore in Q2FY23 as against Rs 273.51 crore in the September 2021 quarter.

Shares of Techno Electric and Engineering pared some of the post-news surge to end 3.55 percent higher at Rs 310.75.