South West Pinnacle Exploration Limited has informed the Exchange regarding 'receipt of Letter of Intent (LOI) from Hindalco Industries Limited'.
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South West Pinnacle Exploration Limited (SWPE) has received a Letter of Intent from Hindalco Industries Limited to carry out exploration, GR preparation, and other related activities at a copper block in Maharashtra. The total contract value, including GST, is approximately Rs. 6.70 Crores. The mobilisation period is two weeks after Hindalco's intimation, with drilling activities to be completed within 30 weeks of mobilisation and the overall execution period being about 62 weeks. The order is a domestic award, and there is no related party interest between SWPE's promoters/group companies and Hindalco.
This is a new business win from a reputed corporate client (Hindalco, part of the Aditya Birla Group), which adds to SWPE's order book, though the size of Rs. 6.70 Cr is modest. It is a positive signal of business traction but unlikely to be a major stock price mover on its own.