Rajesh Power Services Ltd shares opened with an upside gap at ₹747 apiece on the BSE and touched an intraday high of ₹789 per share, clocking an intraday rise of around 5%. According to reports from Live Mint, the power utility stock is among the beaten-down stocks on Dalal Street that are performing well despite broader market weakness. The stock opened with an upside gap as the Nifty 50 was down 150 points, BSE Sensex fell over 550 points, and Bank Nifty dropped by around 400 points at 1:15 PM on Tuesday.
In an exchange filing on Monday, Rajesh Power Services Ltd announced securing ₹471.92 crore turnkey contracts (inclusive of taxes) from Madhya Gujarat Vij Company Limited (MGVCL) for strengthening electricity distribution infrastructure across Gujarat. The orders involve converting existing High Tension 11kV Overhead lines into Medium Voltage Covered Conductor (MVCC) lines and developing underground cable networks at various locations under MGVCL's SI Scheme Robust-III. As reported by TradingView News, the contracts are designed to build underground electricity distribution networks and upgrade overhead power lines across Gujarat. The company will execute these projects over 18 months, providing the company with 18 months of execution visibility. The order adds more than 10% to the company's existing order book, taking the total order book closer to ₹4,000 crore.
The shift towards underground cabling and covered conductors is aimed at strengthening distribution infrastructure and reducing the network's exposure to external damage and weather-related disruptions. This strategic move aligns with India's expanding power infrastructure requirements and demonstrates the company's commitment to modernizing Gujarat's electricity distribution network. The projects will be executed across various locations under MGVCL's SI Scheme Robust-III, ensuring comprehensive coverage of the state's power distribution needs.
Kurang Panchal, Chairman & Managing Director at Rajesh Power Services Limited, commented on the development, stating that this significant order from MGVCL marks an important milestone. According to Live Mint, Panchal emphasized that with the aggregate order book at approximately ₹4,000 crore, the company continues to strengthen its project pipeline and business visibility. He highlighted the company's focus on disciplined execution, operational efficiency, quality and safety while pursuing opportunities aligned with India's expanding power infrastructure requirements. Rajesh Power Services operates as an engineering, procurement and construction (EPC) contractor in the power transmission and distribution sector, executing projects across Gujarat, Rajasthan, Uttarakhand, Maharashtra, Madhya Pradesh and Odisha.
