Kalpataru Projects International share price jumped 2.5% on Monday, 28 September, amid focus on the company’s recent order win and the listing of its Sweden-based arm, Linjemontage i Grastorp AB (LMG), on Nasdaq Stockholm.
Kalpataru Projects International (KPIL) said on Friday that LMG, its step-down subsidiary, made its debut on Nasdaq Stockholm. With the listing, KPIL became the first Indian company to list its foreign subsidiary on Nasdaq Stockholm, according to the company.
LMG’s IPO was priced at SEK 46 per equity share, giving the company a valuation of around SEK 2,357 million (approximately ₹2,282 crore), according PTI report.
Following the listing, KPIL, through its wholly owned subsidiary Kalpataru Power Transmission Sweden AB (KPTS), continues to hold around 65.9% stake in LMG.
KPTS is set to receive gross proceeds of SEK 711.5 million, including the over-allotment or green shoe option, subject to issue expenses, customary adjustments and set-offs.
Management sees value creation from listing
Manish Mohnot, MD & CEO of KPIL, said the IPO validates LMG’s strong position as a leading EPC provider in Sweden’s power infrastructure segment and represents an important step towards unlocking value for KPIL shareholders.
He added that KPIL would continue to support LMG as it transitions into an independently listed company.
KPIL wins UAE gas pipeline project
Separately, KPIL has received a Letter of Award (LoA) for an Engineering, Procurement and Construction (EPC) gas pipeline project in the UAE.
Commenting on the order win, Mohnot said the project reinforces the company’s capabilities and track record in the global oil and gas sector.
He added that the order highlights KPIL’s technical expertise, operational capabilities and ability to expand its presence in international markets.
Kalpataru Projects International share price today
Kalpataru Projects International share price today opened at an intraday high of ₹1,426.50 apiece on the BSE, and the stock touched an intraday low of ₹1,370.70 per share.
Sudeep Shah, Vice President – Technical and Derivatives Research at SBI Securities, said KPIL has been consolidating in the ₹1,346– ₹1,461 range since 13 August. During this period, the RSI has formed lower highs, indicating a loss of bullish momentum. The declining ADX also points to a lack of strong directional momentum, while the -DI is close to crossing above the +DI, suggesting that selling pressure could be gaining strength.
Shah said the ₹1,350– ₹1,340 zone is likely to act as immediate support. A decisive break below this range could trigger fresh selling pressure in the stock.
Meanwhile, Ruchit Jain, Head – Equity Technical Research, Wealth Management at Motilal Oswal Financial Services, said the stock is currently in a consolidation phase, with resistance around ₹1,470 and support near ₹1,340. A breakout on either side of this range could trigger a directional move in the near term, he said.
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