SKS Technologies Group Ltd (ASX: SKS) shares are back in focus after another strong session on Monday.
The stock is currently up 14.64% to $6.50, with buying picking up through the day. Earlier in the session, it climbed to a fresh record high of $6.57 before easing slightly as sellers stepped in.
That pullback followed a steady climb, with the stock pushing higher across most of the past 2 weeks.
Momentum continues to build
The latest move adds to what has already been a powerful run.
SKS shares are now up around 60% in 2026 alone. Over the past 12 months, the gain stretches to almost 300%, putting it among the top performers on the ASX over that period.
Short-term price action also points to consistent demand. The stock has now closed higher for 8 straight sessions, with daily gains reaching as much as 6.76% during that stretch.
Even without a fresh announcement today, buyers have continued to step in.
Last week’s update still filtering through
While there has been no news released today, the company did update the market late last week.
That announcement outlined a $210 million contract tied to data centre projects across Victoria and New South Wales. The deal expanded on earlier work, increasing the overall scope tied to an existing development.
Despite the size of the contract, the initial reaction was limited. The share price slipped 0.18% on the day, closing at $5.67.
The current move suggests the market is still adjusting to what that update could mean.
Data centre work driving the outlook
SKS operates across electrical and communications infrastructure, with growing exposure to large-scale data centre builds.
That part of the market has been gaining attention as demand for digital infrastructure continues to lift. Projects of this scale require complex electrical systems, which aligns with the company’s core capabilities.
The latest contract adds to a growing pipeline of work.
Following recent wins, SKS reported work on hand of roughly $350 million. That figure has been trending higher, supported by repeat contracts and expanding project scope.
Valuation back in focus
After a run of this size, the stock is attracting more attention from a broader group of investors.
SKS now carries a market capitalisation of around $747 million. At the same time, intraday moves like today’s pullback from record highs show that shorter-term trading activity is increasing.
Even so, the overall trend continues to hold up. Buying interest has continued to emerge on dips, with the stock holding above prior levels as momentum builds.
The post Up nearly 300% in a year, this ASX stock just hit another record high appeared first on The Motley Fool Australia.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Sks Technologies Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.