2:1 Bonus Issue: Multibagger Electric Stock Bags Rs 113 Cr Order From Maharashtra Govt

Small cap stock operating in electric sector, RMC Switchgears Ltd on September 16, 2023 informed BSE that it received Letter of Award (LOA) of Rs 11,283.45 lakhs (excluding GST) in Joint Venture with Continental Petroleums Limited, by Maharashtra Government under Revamped Distribution Sector Scheme (RDSS). RMC Switchgears shares rallied 1082% in last 1-year and soared 3081% in last 2-years. RMC Switchgears stock hit lower circuit on September 15 and upper circuit on September 14. Check details below:

RMC Switchgears Receives LoA from Maharashtra Govt: According the company's exchange filing dated September 16, "The Company in Joint Venture with Continental Petroleums Limited, has received order for 'Supply of Plant and Installation including Civil Contract' covering inter-alia supply of plant, installation and Civil on FOR (Final place of destination [Satara Circle]}) basis inter-alia including' design, engineering, manufacture, testing, transportation, insurance etc. and other services incidental thereto, for value of Rs. 11,283.45 lacs (excluding GST) required for the complete execution at Satara Circle/s under Baramati Zone of MSEDCL, Maharashtra State, under RDSS."

RMC Switchgears To Reward Shareholders With 2:1 Bonus Issue Soon: Earlier the company on September 2, 2023 announced bonus share in the proportion of 2:1 and stated in an exchange filing, "Considered and recommended the issuance of Bonus shares to the existing shareholders in the ratio of 2:1 subject to approval of shareholders in the ensuring Annual General Meeting."

RMC Switchgears Stock Outlook & Return Over Years: Last trading price of RMC Switchgears share is Rs 763.45 apiece with intraday fall of 4.82% on BSE. Its 52-week high price is Rs 879.95 per share and 52-week low price is Rs 64.55 per share, respectively. The company has a market capitalisation of Rs 524.66 crore. RMC Switchgears shares delivered shareholders 132% return in last 3-months, gained 279% in last 6-months, soared 188% YTD, and rose 5165% in last 3-years.

RMC Switchgears About: It is a certified company primarily engaged in the business of designing and manufacturing of enclosures of energy meters, LT/HT distribution boxes and panels, junction boxes, feeder pillars and other power distribution and circuit protection switchgears made from mild steel, stainless steel in fabrication and deep drawn process along with Sheet Moulding Compound and Bulk Moulding Compound (DMC) materials. It was incorporated in year 1994 as RFH Metal Castings Private Limited. It became a public limited company in the year 2008 and was rechristened as RFH Metals Castings Limited. In 2016 the name was changed to RMC Switch Gears Limited, according to its Linkedin page.

Disclaimer: The stock just highlights its new order, bonus issue and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.