Why Kalpataru Power and JMC Project surged?

Kalpataru Power's fully-owned subsidiary Alipurduar Transmission Limited successfully completed and commenced commercial operations of elements-2 Kishanganj- Darbhanga line.

With the completion of element-2, Alipurduar Transmission will be eligible for around 65 per cent levelised tariff per annum, the company said in a press release on Tuesday. This was set up as part of an inter-state transmission system for strengthening and transfer of power from new hydroelectric power projects in Bhutan to India.

Kalpataru Power's other listed subsidiary JMC Project, a contracting firm, secured orders worth Rs. 547 crore. The order includes Rs. 315 crore for water pipeline project and Rs. 232 crore for residential and commercial projects.

With this development, the stocks of both the company were buzzing on the bourses. Kalpataru Power which opened at Rs. 416 surged nearly 4 per cent to touch day's high of Rs. 428. On the other side, the stock of JMC Projects spiked nearly 6.5 per cent to touch day's high of Rs. 119.25.