S&S Power Switchgears Limited has just hit a significant milestone with its fully-owned subsidiary, Hamilton Research & Technology Private Limited (HART). It has received a Letter of Intent (LOI) from Giza Systems Free Zone in Egypt to provide an innovative Pot Control System along with other technologies tailored for aluminium smelter operations.
Crucial contract details
The contract, valued at over INR 30 crores (USD 3.6 million), has been awarded by Giza Systems Free Zone in Egypt. It involves supplying a Pot Control System along with related technologies.
The project is set to kick off within this financial year and will unfold over a span of 36 months. This collaboration not only highlights S&S Power Switchgears Limited’s technological prowess but also showcases HART’s skill in providing cutting-edge automation solutions for aluminium smelter operations.
Why the contract matters
This international contract marks a major achievement for HART, ranking among the company’s largest global orders so far. The project involves supplying cutting-edge technologies for aluminium smelter operations, highlighting HART’s expanding expertise and reputation in the worldwide industrial technology arena.
Regulatory compliances
In accordance with Securities and Exchange Board of India (SEBI) regulations, the firm has made it clear that the recently secured contract is not a related party transaction. The company also stated that neither the promoters nor the promoter group have any stake in Giza Systems Free Zone, the entity that awarded the contract.
The agreement is set to boost the firm's presence in the global market, especially in the aluminium smelter technology sector. As the project moves forward, stakeholders and analysts will likely keep a close eye on how well the company performs and assess the potential effects of this significant order on its long-term financial prospects.
Also read: Lithium-ion batteries get a major performance upgrade from Altech's silicon technology
Uptick on stocks
The company has shown some impressive stock performance across various time frames. On a day-on-day basis, the company’s shares climbed by 1.29 per cent, although they did see a 2.53 per cent dip over the last five days.
Concerning the month-on-month, the stock has surged by 12.70 per cent, with a 0.69 per cent increase over the past six months and a solid 10.26 per cent rise compared to last year.
In the last five years, the firm has achieved a remarkable return of 1,002.36 per cent, showcasing its strong commitment to creating long-term value for its shareholders.
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