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RMC Switchgears touches roof as its arm gets nod to establish 50 MW renewable energy park in Rajasthan
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RMC Switchgears is currently trading at its upper circuit limit of Rs. 937.90, up by 44.65 points or 5.00% from its previous closing of Rs. 893.25 on the BSE.
The scrip opened at Rs. 937.90 and has touched a high and low of Rs. 937.90 and Rs. 937.90 respectively. So far 8250 shares were traded on the counter.
The BSE group 'MT' stock of face value Rs. 10 has touched a 52 week high of Rs. 937.90 on 21-Aug-2024 and a 52 week low of Rs. 379.05 on 27-Mar-2024.
Last one week high and low of the scrip stood at Rs. 937.90 and Rs. 791.15 respectively. The current market cap of the company is Rs. 920.79 crore.
The promoters holding in the company stood at 52.93%, while Institutions and Non-Institutions held 3.52% and 43.55% respectively.
RMC Switchgears’ subsidiary -- RMC Green Energy has secured approval from the Rajasthan Renewable Energy Corporation to establish a 50 MW Renewable Energy Park in Rajasthan under the Rajasthan Renewable Energy Policy 2023. This milestone further cements the parent company's entry into the Solar Park business, operating as a renewable IPP (Independent Power Producer). RMC is actively pursuing additional tenders exceeding 600 MWp and is engaging with both public and private sector entities to achieve the ambitious goal of securing 1 GWp in EPC contracts over the next 18 months. By collaborating with installation and commissioning experts across multiple states and leveraging their in-house team of skilled designers and supervisors, RMC is positioning itself at the forefront of the green energy revolution.
This strategic initiative not only reinforces RMC Switchgears’ role in advancing renewable energy but also contributes significantly to India's climate action commitments under the Paris Agreement. With a dedicated Business Development unit continuously seeking new opportunities, RMC's efforts in the renewable sector are aligned with India's goal of achieving 450 GW of renewable energy capacity by 2030. The company's expansion into solar projects helps reduce carbon emissions, foster economic growth, and create green jobs, thereby positioning India as a global leader in renewable energy technologies.
RMC Switchgears is primarily engaged in the business of ‘Switchgear Engineering’, ‘ECI contracts for power distribution / transmission sector’ and ‘PVC Marble and Sold Surface’.
