RMC Switchgears touches roof on securing Rs 90 crore LoA for solar pumps in Maharashtra
RMC Switchgears is currently trading at upper limit of Rs. 1159.65, up by 55.20 points or 5.00% from its previous closing of Rs. 1104.45 on the BSE.
The scrip opened at Rs. 1146.95 and has touched a high and low of Rs. 1159.65 and Rs. 1126.25 respectively. So far 56000 shares were traded on the counter.
The BSE group 'M' stock of face value Rs. 10 has touched a 52 week high of Rs. 1159.65 on 17-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. 1159.65 and Rs. 991.85 respectively. The current market cap of the company is Rs. 1220.04 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 a reputed system integrator for the supply, installation, and commissioning of 5,000 solar pumps in Maharashtra. Valued at Rs 90 crore (excluding taxes), the LoA comprises 3HP, 5HP, and 7HP solar pump systems and is slated for completion in FY25-26. This order represents a pivotal achievement for RMC, reinforcing its role in India’s transition to clean energy solutions.
The announcement follows RMC’s recent decision to establish a state-of-the-art Solar Module Manufacturing Plant in Jaipur, Rajasthan, with an investment of Rs 100 crore. This backward integration strategy is aimed at reducing reliance on external suppliers and supporting the growing demand for solar modules in large-scale projects such as this solar pump initiative.
RMC Switchgears is primarily engaged in the business of ‘Switchgear Engineering’, ‘ECI contracts for power distribution / transmission sector’ and ‘PVC Marble and Sold Surface’.
