Skipper surges over 10% on Rs 405 crore transmission tower order

NEW DELHI: Shares of Skipper climbed over 10 per cent in Friday’s trade after the company said it has bagged a contract from Power Grid worth Rs 405 crore.

In a filing to the company, the company said that the order is for supplying of transmission towers to the projects of Power Grid Corporation of India (PGCIL), Transmission Corporation of Telengana (TSTRANSCO) and Power Transmission Corporation of Uttrakhand (PTCUL).

Following the development, the company which has a market capitalisation of Rs 1,700-odd crore, jumped 10.22 per cent to hit a fresh 52-week high of Rs 177.90 on BSE. At this price, the stock is trading 18.8 times its trailing 12-month earnings per share.

Care Ratins had in February this year reaffirmed its rating on the company’s Rs 100 crore commercial paper as CARE A1 Plus. Instruments with this A rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk, according to the rating agency.