Cords Cable Shares Surge on Rs 40 cr Orders | CORPORATE ETHOS

Cords Cable Shares Surge on Rs 40 cr Orders

By: | May 29, 2018
Cords Cable Industries

May 29: Cords Cable Industries Ltd, India’s largest instrumentation cable maker, on Tuesday announced that the company has been awarded 3 bulk contracts towards designing, engineering & supplying of fire resistant signal cables, conventional type instrumentation cables and power cables to be used in the Hydrocarbon sector in the states of Haryana, Assam and Gujarat.

According to the company, the combined total estimated value of the said contracts is Rs 40 crore. The contracts are scheduled to commence immediately and would be executed over a period of 5 months, it said.

Meanwhile, the company on Monday posted a 23.5% growth in its net profit for the quarter ended March 31st, 2018. The profit stood at Rs 2.68 crore as against Rs 2.17 crore in the same period of the previous fiscal.

Headquartered in New Delhi, Cords Cable Industries manufactures instrumentation cables, control cables, thermocouple cables, power cables and special cables for electrical connectivity requirements, mainly for industrial use. It caters to industries such as electric power, steel, cement, fertilizers and chemicals, and refinery/petroleum.

Shares of the company surged nearly 10% in the morning trade on BSE today and touched a new one week-high of Rs 86.10. At 11.30 am, the Rs 10 face value shares were trading at Rs 83.90, up 7.15% from the previous closing of Rs 78.30.