Techno Electric surges on acquiring stakes in Kohima-Mariani Transmission

The share price of Techno Electric and Engineering Company surged by over 3 per cent in the intraday trade on Thursday as the company bought stake in Kohima-Mariani Transmission. The company signed a purchase agreement to acquire 26 per cent equity share capital of Kohima-Mariani Transmission from Kalpataru Power Transmission on Thursday.

Techno Electric and Engineering Company had posted a rise of 6.24 per cent in its net profit to Rs. 43.44 crore in the third quarter of the fiscal year 2018 on a yearly basis. The company’s EBITDA margin rose by 332 per cent to Rs. 24.4 crore during the same period on a year-on-year basis.

The company hit its 52-week high of Rs. 438.95 per share on June 8, 2017 and its 52-week low of Rs. 314.50 per share on September 27, 2017 on BSE, respectively.

During Thursday’s trade, the company posted an intraday high of Rs. 351 per share and an intraday low of Rs. 340.40 per share on BSE. At 1209 hours IST, the stock was trading at Rs. 343.35 per share, higher by 0.69 per cent on BSE on Thursday.