RMC Switchgears inches up on expanding manufacturing capacity for SMC Smart Metering Enclosures
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
RMC Switchgears is currently trading at Rs 432.95, up by 0.20 points or 0.05% from its previous closing of Rs. 432.75 on the BSE.
The scrip opened at Rs. 403.50 and has touched a high and low of Rs. 415.00 and Rs. 389.50 respectively. So far 38625 shares were traded on the counter.
The BSE group 'M' stock of face value Rs. 10 has touched a 52 week high of Rs. 675.00 on 07-Nov-2023 and a 52 week low of Rs. 124.20 on 20-Mar-2023.
Last one week high and low of the scrip stood at Rs. 497.50 and Rs. 389.50 respectively. The current market cap of the company is Rs. 412.33 crore.
The promoters holding in the company stood at 52.93%, while Institutions and Non-Institutions held 1.49% and 45.58% respectively.
RMC Switchgears has expanded its manufacturing capacity for SMC Smart Metering Enclosures mainly to cater for the rising demand from Advanced Metering Infrastructure for Smart Payment (AMISP) Projects. The enhancement will enlarge RMC's production capacity by additional 300,000 enclosures annually. The projected capital expenditure for this expansion is estimated between Rs 7-10 crore, which will be funded through the company’s own reserves and term loans.
In response to the Revamped Distribution Sector Scheme's (RDSS) updated mandates, which promote the deployment of smart meters through a Public-Private Partnership (PPP) model, RMC is investing in being well-placed for providing state-of-the-art smart metering enclosure solutions. Under the scheme, the AMISP will be responsible for supplying, maintaining, and operating the smart metering system post-installation. This includes an initial upfront payment for partial capital costs, followed by subsequent payments over a 7 to 10-year period based on performance metrics, ensuring the AMISP's accountability throughout the project's duration. RMC gears up to support theCentral government initiative as anticipated installation of 115 lakh enclosures (Only DTC Meter’s where SMC Enclosures are mandatory) in the next 2-3 years as per the scheme, the company is committed to delivering seamless and efficient smart metering solutions in alignment with the RDSS mandates. Out of which so far government has placed order of approximately 12 lakh enclosures.
RMC Switchgears is primarily engaged in the business of ‘Switchgear Engineering’, ‘ECI contracts for power distribution / transmission sector’ and ‘PVC Marble and Sold Surface’.
