A2Z Infra in the limelight

A2Z Infra Engineering  (formerly known as A2Z Maintenance & Engineering Services Limited) is in the limelight today morning. The stock price is currently up over 5% at its intra day high point of Rs.29 with volumes of some 1.5 lakh shares.

This is an EPC company service provider in power transmission and distribution sector with focus on distribution. It is also into renewable energy generation with its bio-mass based power plants in Punjab, collaborating with the sugar mills there.

The company announced over the weekend that it has received an order from the U.P Rajkiya Nirman Nigam Limited (a State Government Undertaking), for the construction of GIS GRID sub-station on Turnkey Basis (Survey, Design, Civil Work, Installation, Testing & Commissioning) in Noida.

The order is worth Rs.101 crore and to be executed within 15 months from the date of issue of order.

This company, when it had gone public, the star attraction was the anchor investor – Rakesh Jhunjhunwala. Since then the fundamentals of the company have only deteriorated and Jhunjhunwala has now quit completely. In May 2012, he held 23.19%, most of which he had acquired in 2006 at a mere Rs.14/share.