The company has received a letter of intent from HPOIL GAS PRIVATE LIMITED.
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Oval Projects Engineering Ltd has received a Letter of Intent from HPOIL Gas Private Limited, a government-owned joint venture between HPCL and Oil India. The contract is for composite work on a City Gas Station (CGS) cum Mother Station at Xelhozhe Niuland District in Nagaland. The total contract value is Rs. 11.79 crore (Rs. 11,78,56,628.82). The order is domestic, with no related party interest between the company's promoters and HPOIL Gas. Execution timeline is as per the contract terms.
This adds a meaningful new order to the company's order book from a credible PSU-backed client, which is positive for revenue visibility. However, the company is small-cap and a single order of this size could materially impact quarterly performance.