STEEL EXCHANGE INDIA LIMITED has informed the Exchange about Bagging/Receiving of orders/contracts
STEELXIND · price
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Awaiting price reaction for this filing.
Steel Exchange India has secured a contract from government PSU Rashtriya Ispat Nigam Limited (RINL) to convert 1.20 lakh tonnes of billets per annum into VIZAG STEEL branded TMT bars. The work will be carried out at the company's existing new rolling mill, which should improve capacity utilization. The contract is valued at up to INR 210 crore (INR 70 crore per year) over 2 years, with a possible 1-year extension by mutual consent. The order is domestic, with no related-party interest involved. Management says the contract will boost revenues through better use of existing capacity.
This is a meaningful revenue-addition order from a credible government counterparty, which should improve the company's utilization and earnings visibility for the next 2-3 years. For a small-cap steel company, winning a PSU order of this size is a positive operational signal and may support the stock sentiment in the near term.