Stock market today: Despite selling pressure across key Indian stock market indices — Nifty 50 down 150 points, BSE Sensex down over 550 points and the Bank Nifty index down by around 400 points at 1:15 PM, some utility stocks are performing well, defying the odds. Shares of Rajesh Power Services Ltd are one of them. This power utility stock is one of the beaten-down stocks on Dalal Street. Shares of Rajesh Power Services Ltd today opened with an upside gap at ₹747 apiece on the BSE and soon touched an intraday high of ₹789 per share, clocking an intraday rise of around 5%. Rajesh Power shares witnessed high buzz among Dalal Street bulls after the massive ₹471.92 crore order win, fueling the company’s order book close to ₹4,000 crore.
What triggered buying in Rajesh Power shares?
In an exchange filing on Monday, Rajesh Power Services Ltd informed the Indian exchanges about the latest order wing, saying, “Rajesh Power Services Limited, one of the leading specialized EPC Contractors in Power Transmission & Distribution on Monday announced that the company has secured significant ₹471.92 crore turnkey contracts (inclusive of taxes) from Madhya Gujarat Vij Company Limited (MGVCL) for strengthening electricity distribution infrastructure across Gujarat.”
The mega order marks a significant milestone for Rajesh Power Services Limited, adding over 10% to its order book in a single stroke and taking the total order book closer to ₹4,000 crore, while securing 18 months of execution visibility.
The contracts involve the conversion of existing High Tension 11kV Overhead lines into Medium Voltage Covered Conductor (MVCC), as well as an Underground Cable network at various locations across Gujarat under MGVCL’s SI Scheme Robust-III.
Commenting on the development, Kurang Panchal, Chairman & Managing Director at Rajesh Power Services Limited, said: “This significant order from MGVCL marks an important milestone for Rajesh Power Services Limited. With our aggregate order book at approximately ₹4,000 crore, we continue to strengthen our project pipeline and business visibility. We remain focused on disciplined execution, operational efficiency, quality and safety while pursuing opportunities aligned with India’s expanding power infrastructure requirements.”
Rajesh Power share price target
Expecting the bull run to continue further, Anuj Gupta, a SEBI-registered market expert, said, “Rajesh Power shares are looking positive on the technical chart. It is facing a hurdle at ₹800. On breaking above ₹800 on a closing basis, we can expect the Rajesh Power share price to touch ₹850 per share in the near-term.”
The SEBI-registered market expert advised existing Rajesh Power shareholders to hold the scrip for an upside target of ₹850, maintaining a strict stop-loss at ₹705. However, he advised fresh investors to wait for the decisive break above ₹800.
Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions.
