Multibagger stock Marine Electricals wins order from Adani Group, Cochin Shipyard

The Shares of Marine Electricals (India) Ltd rose above 5% after the integrated electrical and automation solutions provider won orders from Cochin Shipyard and Adani Group.

Marine Electricals shares opened higher at Rs 230.50 against the previous close of Rs 225.07 on NSE. The multibagger stock is not listed on BSE. It surged 5% intra-day to Rs 236.32.

A total of 4.78 lakh shares of Marine Electricals changed hands amounting to a turnover of Rs 11.22 crore on NSE. The market cap of the firm rose to Rs 3,186.10 crore on Monday. 

Read Also : DVC pays special tribute to Dr. B. R. Ambedkar on Constitution Day

Marine Electricals (India) Limited has received an order amounting to Rs. 12.93 Cr (Excluding Taxes), from Cochin Shipyard Limited, for the supply of Base & Depot Spares for the ASW & SWC Project. The delivery shall be over a period of 8 Months. Secondly, an Order was received from Kutch Copper Tubes Limited (Adani Group), for the supply of LT Panel for the Mundra Site Project. The Delivery shall be over a period of 4 Months," said the firm in a communication to NSE.

The multi bagger stock has clocked 124% returns in six months and risen 145% in a year. In five years, the stock is up 470%.  The stock hit its 52-week high of Rs 308 reached on August 12, 2024, and fell to its 52-week low of Rs 84.20 on December 6, 2023. 

Read Also : Railway Stock RVNL bags contract from South Central Railway

Marine Electricals (India) provides manufacturing and sale of all types of marine and industrial electrical & electronic components like switch-gears, control-gears etc. and is also engaged in the renewable energy sector specifically solar. It also provides services like designing, fabricating etc. for all types of electrical & electronic installations in India and abroad and undertakes annual maintenance contracts.

Read Also : JP Morgan gives share price targets for three defense stocks Mazagon Dock, HAL, BEL