RMC Switchgears touches roof on receiving LoA from Government of Rajasthan
RMC Switchgears is currently trading at upper limit of Rs. 574.65, up by 27.35 points or 5.00% from its previous closing of Rs. 547.30 on the BSE.
The scrip opened at Rs. 574.65 and has touched a high and low of Rs. 574.65 and Rs. 574.65 respectively. So far 10250 shares were traded on the counter.
The BSE group 'MT' stock of face value Rs. 10 has touched a 52 week high of Rs. 1214.00 on 18-Dec-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. 642.00 and Rs. 518.00 respectively. The current market cap of the company is Rs. 606.36 crore.
The promoters holding in the company stood at 52.93%, while Institutions and Non-Institutions held 4.29% and 42.78% respectively.
RMC Switchgears has received a Letter of Acceptance (LoA) from the Government of Rajasthan for the installation of rooftop solar systems with an aggregate capacity of 50 MW across State Government Buildings in Jaipur and Dausa. Under this contract, RMC will be responsible for the design, supply, erection, and commissioning of rooftop solar projects on state government and government undertaking buildings in Jaipur and Dausa.
The project will be executed under the Hybrid Annuity Mode (HAM), ensuring long-term financial sustainability. Additionally, RMC will oversee the operation and maintenance (O&M) of the solar installations for the next 25 years from the date of commissioning. This order represents a one-time revenue opportunity of Rs 229 crore and recurring revenue of Rs 91 crore over the next 25 years against O&M which establishes a steady long-term income stream for RMC through O&M services over the project’s lifecycle.
RMC Switchgears is primarily engaged in the business of ‘Switchgear Engineering’, ‘ECI contracts for power distribution / transmission sector’ and ‘PVC Marble and Sold Surface’.
