On Wednesday’s trading session, the share price of Bondada Engineering surged nearly 5% to reach a 52-week high. This jump followed the company’s announcement of incorporating a wholly owned subsidiary, Bondada Green Engineering Pvt Ltd. Starting at ₹1,066 per share on the BSE, the stock reached an intraday high of ₹1,155 and a low of ₹1,046.70.
The newly formed subsidiary aims to manufacture metal frames for various construction structures like bridges, towers, and trusses.
Dr. Ravi Singh, SVP – Retail Research at Religare Broking Ltd, commented that Bondada Engineering Limited, operating in the integrated infrastructure sector, has shown consistent growth in revenue and profit. The technical indicators suggest the stock is in a buy zone, and it may continue its upward trend to touch levels around ₹1,200 in the near term.
The company secured multiple orders in February and March (Q4FY24). Notably, The Singareni Collieries Company Limited awarded Bondada Engineering Ltd a letter of intent for a solar power plant project worth around ₹433 crores. Additionally, Pace Digitek Infra Private Limited placed an order valued at approximately ₹24 crores.
In February, Bondada Engineering received a work order from NLC India Ltd for the Balance of System (BOS) work related to a ₹81 crore solar power project. Sundrops Energia Private Limited also placed orders worth ₹4 crore and ₹20 crore with the firm.
On Wednesday, Bondada Engineering’s stock price closed 3.69% higher at ₹1,142.40 per share on the BSE. According to Trendlyne data, the company’s shares have outperformed its sector by 25.32% in the past week, rising by 25.84%.
The Bondada Engineering IPO saw significant demand from investors. Subscriptions were oversubscribed by 112.28 times, with retail investors and non-institutional buyers subscribing 100.05 times and 115.46 times, respectively.
The IPO, priced at ₹75 per share, comprised a fresh issue of 56,96,000 equity shares. The proceeds were intended for general corporate purposes and long-term working capital requirements.
Following its listing, Bondada Engineering shares debuted on the BSE SME with a premium of 90% at ₹142.50 per share. The stock closed at ₹149.62 per share on the listing date, reflecting a premium of 99.49% over the issue price.
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