6,000 per cent returns: Solar power company has received an order from Maharashtra State Electricity Distribution Company Limited (MSEDCL)
The stock gave multibagger returns of 2,020 per cent in 2 years and a whopping 6,000 per cent in 3 years.
RMC Switchgears Limited announces that it has been awarded a contract by the Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the development of a 41 MW (AC) solar photovoltaic power project in the RESCO model. The project will be executed under the Mukhyamantri Saur Krushi Vahini Yojana 2.0, a scheme launched for the solarization of agricultural feeders under PM-KUSUM Scheme. This contract, awarded through a competitive bidding process and an e-reverse auction, marks a significant milestone for RMC Switchgears Limited in its ongoing efforts to expand its footprint in the renewable energy sector.
The power generated from this project will be purchased by MSEDCL at a fixed tariff, as approved by the Maharashtra Electricity Regulatory Commission (MERC), for a period of 25 years from the Scheduled Commercial Operation Date. The project will be implemented across various sites in Maharashtra, as specified by MSEDCL. This new order not only reinforces RMC Switchgears Limited's role in advancing renewable energy but also significantly contributes to India's climate action commitments under the Paris Agreement. The company is actively pursuing additional tenders exceeding 500 MWp and is engaging with both public and private sector entities to achieve the ambitious goal of securing 1 GWp in Renewable Energy.
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. The company's expansion into solar projects helps reduce carbon emissions, foster economic growth, and create green jobs, thereby contributing to India's goal of achieving 450 GW of renewable energy capacity by 2030.
With a dedicated Business Development unit continuously seeking new opportunities, RMC's efforts in the renewable sector are aligned with India's ambitious environmental targets. This initiative underscores RMC's commitment to innovation and sustainability, highlighting its role in helping India meet its climate goals and positioning the country as a global leader in renewable energy technologies.
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About the Company
RMC Switchgears, a leading power technology company based in Jaipur, offers innovative solutions to combat electrical theft and prevent accidents. With a focus on customized solutions for utilities, RMC has successfully delivered projects for over 80 per cent of State PSUs and Private Utilities. The company's expertise extends to water management, addressing AT&C losses and societal impacts. By providing high-value solutions, RMC is making a significant contribution to India's sustainable development.
The company has a market cap of Rs 987.90 crore with an ROE of 36 per cent and an ROCE of 35 per cent. On Tuesday, shares of RMC Switchgears Ltd hit a 5 per cent upper circuit to Rs 958.35 per share from its previous closing of Rs 912.75. The stock gave multibagger returns of 2,020 per cent in 2 years and a whopping 6,000 per cent in 3 years. Investors should keep an eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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