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The electrical company received an order from the Government of Andhra Pradesh of amount close to Rs 14 crore, which will be completed in the next quarter.
Shares of RMC Switchgears hit the upper circuit level of 5 per cent at Rs 309.65, after the electrical company received an order from the Government of Andhra Pradesh of amount close to Rs 14 crore, which will be completed in the next quarter.
The scrip witnessed some profit booking in this session and closed at Rs 303.95. The stock has doubled in the last two months and is gaining some positive traction.
RMC Switchgears Ltd is primarily engaged in the business of switchgear engineering, ECI contracts for the power distribution/ transmission sector and PVC marble and solid surface. It is the largest enclosure manufacturing company in India. It is the only enclosure-focused company, with end-to-end solution providers for electrical theft and accident protection.
Three weeks ago, the company announced that it received an order from Maharashtra State Electricity Distribution Company Limited under its EPC Division amounting to Rs 230 crore, which is projected to complete in the next 12-18 months.
The multi-bagger stock has surged 1161 per cent on a year-to-date basis and it continues to rally towards its 52-week high of Rs 327. Long-term investors should keep a close eye on this multi-bagger.