Remsons Industries Shares Hit Four-Month High On Winning Order Worth 63% Of Its Market Share
Shares of Remsons Industries surged to a near four-month high after the company secured a Rs 300-crore order from Stellantis NV, North America, for the supply of control cables. Additionally, the stock was trading at a higher volume.
The deal is significant as it represents nearly 63% of the company's market capitalisation of Rs 474 crore.
This is the single largest business win to date for the automotive component manufacturer. It involves the supply of critical components and products for Stellantis Smart Cars, Jeep models, and its three-wheeler segment.
Delivery schedules for this contract will commence from next financial year onwards, the company said in an exchange filing on Thursday. The order will be executed over a period of seven years, the company added.
“This milestone reflects the strength of our collective persistent efforts and unwavering commitment,” said Group Chief Executive Officer Amit Srivastava.
The company's sales rose 25% to Rs 102.6 crore in the quarter ended December 2024, as against Rs 82.2 crore during the previous quarter ended December 2023.
Remsons Industries Share Price Rises
Shares of Remsons Industries rose as much as 17.66% to Rs 141.21 apiece, the highest level since Jan. 22. They pared gains to trade 13.48% higher at Rs 133.50 apiece, as of 11:25 a.m. This compares to a 0.17% decline in the NSE Nifty 50.
The stock has fallen 86.24% in the last 12 months and 8.50% year-to-date. Total traded volume so far in the day stood at 15 times its 30-day average. The relative strength index was at 60.21.
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