Hind Rectifiers secures ₹200 Crore order from Indian Railways

23 Sep 2024 , 03:09 PM

Hind Rectifiers saw a 5% increase in its share price on Monday, September 23, following a supply order worth over ₹200 Crore from Indian Railways.

The stock opened 5% higher than the previous close, topping the upper circuit limit at ₹856.65 per piece on BSE.

According to Hind Rectifiers, the order will be executed by FY26, subject to the terms and conditions indicated by Indian Railways.

The corporation clarified that the promoter group or group companies had no connection or interest in the entity that awarded the contract. Furthermore, the transaction is not classified as a related party transaction.

Hind Rectifiers Ltd., established in April 1958, specialises in the development, design, production, and marketing of power semiconductors, electronic equipment, and railway transportation equipment.

In the June quarter, Hind Rectifiers’ income climbed by 38% to ₹136.03 Crore, up from ₹97.64 Crore the previous year.

Profit increased by 266% year-on-year to ₹6.92 Crore, up from ₹1.89 Crore the previous year.

In August, the firm declared a dividend of ₹1.20 per equity share having a face value of ₹2 for fiscal year 2023-24.

This dividend was to be paid to shareholders listed in the company’s Register of Members, as well as beneficial owners identified by the National Securities Depository Ltd and Central Depository Services (India) Ltd, as of Thursday, July 25.

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