Mumbai, India – Rajesh Power Services Ltd. announced today that it has secured a significant ₹69 crore order from Uttar Gujarat Vij Company Limited (UGVCL), a development that saw the company's shares climb by approximately 4% in early trading on October 14, 2026.
The contract, awarded on a turnkey basis, focuses on the crucial task of shifting existing electrical networks at various locations within Gujarat. Specifically, the work will cover the Sabarmati and Mehsana circles under UGVCL's jurisdiction.
Project Scope and Details
The comprehensive scope of work for this domestic contract includes not only the physical relocation of the electrical network but also incorporates advanced digital mapping technologies. This involves GIS mapping, Geo Urja Mapping (developed by Gujarat Urja Vikas Nigam Limited – GUVNL), and asset tagging under the ND Scheme. The project is expected to be executed over a period of 12 months, with the total value of the order, inclusive of taxes, standing at ₹69 crore.
Following the announcement, Rajesh Power Services shares touched a high of ₹800, up from their previous close of ₹770.05. The stock opened at ₹772 before reaching its intra-day peak.
Regulatory Compliance and Market Impact
In its regulatory disclosure dated October 14, 2026, filed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Rajesh Power Services clarified that the order was received in the normal course of business. The company also explicitly stated that neither its promoters nor the promoter group have any interest in UGVCL, and that the contract does not fall under related-party transactions, ensuring transparency and adherence to corporate governance standards.
This substantial order underscores Rajesh Power Services' continued role in contributing to India's power infrastructure development, particularly in modernizing and expanding Gujarat's electrical grid.