CMI bags maiden order from East Central Railways

CMI Limited has received a letter of intent (LoI) for a maiden order from East Central Railway worth Rs. 20.93 crore for its Baddi plant (Himachal Pradesh). This order includes the supply of 1,144.64 km of railway signalling cables over the period of next six months. 

After the company’s Baddi plant received the RDSO approval a few months ago, the orders have started flowing, which are to be executed from CMI Energy India Pvt. Ltd., a wholly-owned subsidiary of CMI Limited. 

Earlier, on January 1, 2019, the company had secured L1 position for supply of Cadmium Catenary Wire to East Coast Indian Railways having a value of Rs. 106.64 crore. 

Also, in December 2018, CMI had got production clearance for BHEL export order to supply LT XLPE and HT XPLE cables worth Rs. 79 crore. The said order was to be executed within four months of receipt of the order from its Baddi plant. It had bagged such a big order from BHEL for the overseas project. 

In October, the stock of CMI had made a 52-week low of Rs. 115.50 per share. However, in the past two months, the stock recovered by 55.2 per cent and closed at Rs. 179.20 on January 3, 2019. On Friday, it opened at Rs. 184 and got closed at Rs. 170.80 per share.