RMC Switchgears supplies Gas Meter shells to Genus Power Infrastructures; Stock soars 5%

4 Apr 2022 , 09:19 AM

RMC Switchgears Limited has informed to the exchanges that the company continues to be driven by the emerging opportunities and guided by its corporate vision of becoming a diversified and transnational company.

On March 28, 2022 the Union Minister for Petroleum and Natural Gas Hardeep Singh Puri during the second part of Budget Session of Parliament, in New Delhi stated, “More than 82 per cent of India’s land area and 98 per cent of the population will be covered with piped cooking gas after the latest round of expansion work.”

To enhance upstream opportunities, the company has developed and started the manufacturing of Gas Meter Shells which are being supplied to Genus Power Infrastructures Limited with a long term agreement.

“The current capacity is upto 20,000 shells per month which will be increased to 50,000 shells per month in the coming months. We are sure that the Company will gain new heights to be always on top in the number one enclosure manufacturing company in India”, said RMC Switchgears in a regulatory filing.

At around 9:21 AM, RMC Switchgears was trading at Rs40.55 per piece higher by 4.92% on Sensex.