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Shares of Salasar Techno Engineering Ltd. ended 9 percent higher on Tuesday after the company won two orders worth Rs 750 crore from the state-owned Pashchimanchal Vidyut Vitran Nigam Ltd. (PVVNL).

The orders include the development of distribution infrastructure for loss reduction in Bulandshahr, Meerut, Hapur and Baghpat districts of Uttar Pradesh.

The infrastructure will be developed under the revamped reforms based and RDSS (Result Linked Distribution Sector Scheme) for electricity distribution, GPS survey, design, supply, installation, GIS asset mapping, testing and commissioning of works related to loss reduction on turnkey basis under RDSS.

The two Letters of Intent (LOI) received by Salasar Techno Engineering include:

Electricity Distribution Circle (EDC) in Bulandshahar and Hapur districts under RDSS for Rs 403.85 crore

Electricity Distribution Circle (EDC) in Meerut and Baghpat districts under RDSS for Rs 344.61 crore, taking the total to Rs 748.46 crore.

The two orders will be executed in the next two years.

In the September quarter, Salasar Techno Engineering Limited’s net profit decreased by 25.76 percent to Rs 7.44 crore compared to Rs 10.02 crore in the September 2021 quarter, while its net sales surged by 29.24 percent to Rs 258.73 crore on a YoY basis.

Shares of Salasar Techno Engineering ended 9.4 percent higher at Rs 56.95.