Bondada Engg shares gain 4% on buying 60% in Atpole Technologies

Shares of Bondada Engineering rallied 4 percent in early trade on January 1 on the company’s plans to pick up 60 percent in Atpole Technologies for Rs 2.19 crore.

At 9:28am, Bondada Engineering was quoting Rs 413.90, up Rs 16.65, or 4.19 percent, on the BSE.

The company’s board at its meeting held on December 29, approved to acquire a substantial stake of 60 percent (30,000 equity share of Rs 10 each) in the paid up equity share capital of Atpole the Technologies Private Limited (ATPOLE).

Consequent to the acquisition, ATPOLE will become subsidiary company of the company. ATPOLE is a leading manufacturer of advanced torque motors and controllers for EV two and three wheelers, drones, defence and industrial application motors, which will help the company in its foray into the renewable energy space.

After this acquisition, the company is planning to rapidly increase its print in BLDC motor business segment by serving all electric vehicle manufacturing companies by synergising with its existing business.

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On December 27, the company received work orders from Bharti Airtel for the supply of 6 metre GI pole of 60kg (hot dipped galvanised) without base, (5,000 pieces) amounting to Rs 3,24,50,000 to Tamil Nadu.

On December 8, Bharat Sanchar Nigam Limited granted the approval to award the work of outsourcing of SLA-based comprehensive maintenance of OFC (Existing OFC of BSNL and Incremental OFC laid by BSNL), FLM of GPON Equipment and of Bharatnet Network in the Assam, NE-1 and NE-2 telecom Circle amounting to Rs 18,04,30,756.

In November, the company received work orders from Pace Digitek Infra Private Limited, for supply of 40mtr Ground Based Towers 200 KMPH -200 Qty to be supplied to Gujrat and Maharashtra worth Rs 20,18,13,474.