Techno Electric & Engineering Company Shares surged 12% in intraday trade on Wednesday after the company had secured a new order of Rs 314.50 for flue gas desulphurisation (FGD) worth Rs 1,455 crore from Rajya Vidyut Utpadan Nigam in Rajasthan to BSE.

Of these, the company received an order of Rs 666 crore from Rajasthan Rajya Vidyut Utpadan Nigam (1×210 MW + 2 X 195 MW) of Kota and order of Rs 789 crore from Rajasthan Rajya Vidyut Utpadan Nigam (2x 600 MW) of Jhalawar Order.

Shares of the engineering, design and construction company were up 9% at Rs 306.10 at 9.29 am. In contrast, the S&P BSE Sensex gained 0.27% to 60,002. The stock hit a new 52-week high of Rs 319.90 on July 7, 2022.

Last week, Techno Electric secured new transmission orders totalling Rs 680 crore. The orders include Rs 233 crore from Khavda Bhuj Transmission and Rs 145 crore from Chhattisgarh State Power Transmission Co.

At the same time, as of August 16, 2022, Techno Electric has repurchased 40,000 equity shares through the open market of the stock exchange. The company has proposed to buy back up to Rs 130 crore shares at a price not exceeding Rs 325 per share.

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On exchanges, the stock has underperformed the broader market with a gain of 1% over the past month, while the S&P BSE Sensex has risen 12%. In the past three months, it has risen 5%, while the benchmark index has surged 10%.