Shares of Marine Electricals (India) Ltd hit an upper circuit of 5% on Monday after the integrated electrical and automation solutions provider said it won orders from Cochin Shipyard and Adani Group. Marine Electricals shares opened higher at Rs 230.50 against the previous close of Rs 225.07 on NSE. The multibagger stock is not listed on BSE. It surged 5% intra day to Rs 236.32. A total of 4.78 lakh shares of Marine Electricals changed hands amounting to a turnover of Rs 11.22 crore on NSE. The market cap of the firm rose to Rs 3,186.10 crore on Monday.
The stock of the electrical parts maker is bullish in the short as well as long term as the scrip is trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.
The multibagger stock has clocked 124% returns in six months and risen 145% in a year. In five years, the stock is up 470%.
The stock hit its 52 week high of Rs 308 reached on August 12, 2024 and fell to its 52 week low of Rs 84.20 on December 6, 2023.
It has seen very less volatility in the last one year with a beta of 0.9. The stock is trading neither in the oversold nor in the overbought zone, indicates its relative strength index (RSI) at 50.5.
"Marine Electricals (India) Limited has received order amounting to Rs. 12.93 Cr (Excluding Taxes), the details of the same is mentioned as under:-
1. Order received from Cochin Shipyard Limited, for supply of Base & Depot Spares for ASW & SWC Project. The delivery shall be over a period of 8 Months.
2. Order received from Kutch Copper Tubes Limited (Adani Group), for supply of LT Panel for Mundra Site Project. The Delivery shall be over a period of 4 Months," said the firm in a communication to NSE.
"Please note that none of the Promoter/Promoter Group has any interest in the aforesaid work and the said order / contract does not fall within the ambit of related party transactions. We are giving this intimation as a part of good corporate governance," it added.
Marine Electricals (India) engaged in manufacturing and sale of all types of marine and industrial electrical & electronic components like switch-gears, control-gears etc. and is also engaged in renewable energy sector specifically solar. It also provides services like designing, fabricating etc. for all types of electrical & electronic installations in India and abroad and undertake annual maintenance contracts.