Marine Electricals on Monday announced that the company has bagged new orders worth Rs20.1cr from major companies like Tata Project and Asian Paints.
Venkatesh Uchil, Managing Director of Marine Electricals said, “We are very excited to receive a maiden order from Tata Projects, a very reputed Project Management firm. This order has given us an opportunity to demonstrate our capabilities in large project and we strive to build long term relationship with TPL to get repeat contracts going forward.”
Marine in its regulatory filing highlighted that, of the total, major order worth Rs14.6cr was from Tata Projects to design and supply of power distribution busducts.
While Rs2.4cr was received from Asian Paints and Rs3.1cr from Roha Dyechem to design and supply of power distribution equipment.
Uchil added that the repeat orders from Asian Paints & Roha Dyechem acknowledges the capability of MARINE in terms quality of the product and its ability to meet stringent project timelines.
“We are witnessing increasing momentum in inquiries post the Government push for ‘Make in India’ program. We believe this momentum will further pick up with large corporates and MNCs commence putting up their facilities in India. We are quite excited about Industrial Business Segment as we have already expanded out manufacturing facilities at Goa and we are ready to capture the increasing demand going forward,” Uchil said.
With the latest order, Marine’s total order book stands at Rs34.5cr.
At around 11.15 am, Marine was trading at Rs214.15 per piece up 1.52% on NSE.
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