Cords Cable surges by 7.2 per cent on winning contract
Cords Cable Industries Limited has won a prestigious contract for supplying Signal Cables. These cables will include Fire Resistant – Gas Detector Signal cables, Alarm cables and Control cables to be used in Polymer Addition Project towards Hydrocarbon sector in Punjab.
The value of the contract is estimated to be around Rs. 47.20 crore (including GST) and the supply of these cables would be completed before February 2019.
Earlier, the company had bagged bulk orders worth Rs. 40 crores for supplies to hydrocarbon sector in Haryana, Assam and Gujarat. It had also received approval for supplies to a Gulf-based oil major for all of its ongoing and upcoming projects. This is expected to boost company’s exports throughout the Gulf Cooperation Council (GCC) member states. Till now, the company has exported its products to about 45 countries and has become a preferred brand for the specialized cables.
For the quarter ending March 2018, the company’s revenue was marginally up by 1.5 per cent YoY. However, the PAT jumped by 23.4 per cent YoY. For FY18, the top-line grew by 12.9 per cent YoY and the PAT for the year was up by 24.5 per cent YoY.
Cords Cable Industries is a leading manufacturer of specialized control and instrumentation cables. It has a strong brand image in the B2B segment.
On Monday, the stock had closed at Rs. 76.15. On Tuesday, it opened at Rs. 78.80 and surged by 7.2 per cent by hitting intra-day high of Rs. 81.65 in the morning trading session.