Diamond Power shining bright

The bright shining star today morning is Diamond Power Infra. After hitting a new low in the morning trades at Rs.37, the stock has spurted up and has currently zoomed up over 13% at Rs.43, with an intra day high at Rs.45.50. Volumes are high at 2.28 lakh shares changing hands today compared to two-week average of 1.55 lakh shares.

The stock has spiked up from the low after the company announced today morning that it has received orders to the tune of Rs.332 crore from th Assam and Nagaland Governments.

In the issued Press statement, the company has said that these orders have come from the Assam State Electricity Board (ASEB) and Nagaland Electricity Board. Both the orders have to be executed over the next 12 months. Post the receipt of this order, its total order book currently stands at Rs.2034 crore.

Diamond Power Infra is engaged in manufacturing of power cables, conductors and transmission towers. Traditionally, the company’s Q2 is always good but Q3 proves to be a damp squib. This time too, it was the same. The company wrote back a Rs.30 crore claim on losses caused due to flood and that it what helped the company end the quarter with a 82% (YoY) jump in net profit at Rs.31 crore. But for this exceptional income, the net profit would have been just around Rs.1 crore.