Cords Cable hits upper circuit
Samsung Engineering Co. Ltd. has given approval to Cords Cable Industries Ltd. to be its pre-qualified supplier for international orders. This global level approval is for a period of five years starting from August 1, 2018.
Through this approval, Cords Cable will be able to participate in the future bids for supply of qualified products to Samsung Engineering’s range of engineering services’ portfolio. The portfolio includes upstream and downstream hydrocarbon facilities, power plants, water and waste treatment plants, and industrial production facilities.
Under the said approval, Cords Cable will be qualified for supplying various types of cables including instrument, control, thermocouple, foundation fieldbus (FF), fire survival etc.
Earlier in the month of June, the company had won an order for supply of signal cables for the hydrocarbon sector in the state of Punjab. The contract was worth Rs. 47.20 crore to be completed before February 2019. The company is also registered and pre-qualified bidder with an Arabian Gulf-based oil major.
On Monday, the stock of Cords Cable hit the upper circuit of 20 per cent in the morning session at Rs. 67.30 on BSE. It opened at Rs. 56.60. Currently, it is trading near its 52-week low of Rs. 55. Its 52-week high was recorded at Rs. 153.50 per share.