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Marine Electricals (India) Limited shares gained around 7% in morning trade on Tuesday after the company announced that it had received a substantial order worth ₹229.73 crore from Digital Edge DC (India) Private Limited.
The latest order marks a significant business development for Marine Electricals as the company continues to strengthen its position in the power distribution sector.
Marine Electricals Receives ₹229.73 Crore Order
According to the company, the order from Digital Edge DC (India) Private Limited involves the supply of a power distribution system. The project is scheduled to be completed over a period of 15 months.
The sizeable contract highlights Marine Electricals' capabilities in executing large-scale power distribution projects and adds to its order pipeline.
No Related Party Transaction
Marine Electricals also clarified that the company's promoters and promoter group have no interest in the order received from Digital Edge DC (India) Private Limited.
As a result, the company stated that the contract does not qualify as a related party transaction, underlining the independent nature of the business arrangement.
Marine Electricals Share Price Performance
Marine Electricals shares were trading higher following the order announcement. As of 10:45 AM, the stock had moved up around 7%.
The stock's key price levels were:
- Today's Low: ₹400.00
- Today's High: ₹435.00
- Open Price: ₹403.00
- Previous Close: ₹400.85
- 52-Week Low: ₹150.86
- 52-Week High: ₹435.00
The stock's intraday high of ₹435 also marked its current 52-week high.
Marine Electricals Shares: Key Takeaway
The ₹229.73 crore order from Digital Edge DC represents a notable addition to Marine Electricals' business pipeline. With the contract focused on power distribution systems and a 15-month delivery period, the development is expected to remain a key focus for investors tracking the company's growth prospects.
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