Cable stock jumps 5% after it receives approval from CG Power to manufacture interconnecting control cables

Introduction:

Leading cable manufacturer has received approval from a major industry player to supply interconnecting control cables for POWERGRID projects up to 765kV. This approval underscores the company’s commitment to product quality, adherence to strict standards, and investment in advanced management systems.

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Share price movement of Relicab Cable Manufacturing Ltd:

On November 21, 2024, Relicab Cable Manufacturing Ltd (BSE:RELICAB) stock opened at ₹104.80, reflecting a 2.7% increase from the previous close of ₹102.05. The stock reached an intraday high of ₹107.45 and a low of ₹98.00.

By 2:55 PM, the stock was trading at ₹106.00, up 3.87%. The company’s market capitalization stands at ₹107 crore.

Relicab Cable secures approval for POWERGRID projects:

Relicab Cable Manufacturing Ltd has received Manufacturer Approval from CG Power and Industrial Solutions Limited, Nashik, to supply Interconnecting Control Cables for POWERGRID projects up to 765kV.

The company will follow all requirements outlined by the approval letter, including compliance with POWERGRID specifications, approved drawings, and type tests. It also commits to quality improvements through Six Sigma, Kaizen, and 5S methodologies, ensuring enhanced product reliability and quality.

In addition, Relicab will implement advanced IT-enabled systems for inventory management, billing, and traceability. This approval solidifies its position as a trusted supplier for key industrial projects, reinforcing its commitment to quality and customer satisfaction.

Recent news on Relicab Cable Manufacturing Ltd:

As of October 17, 2024, Relicab Cable Manufacturing Ltd had received a purchase order worth ₹84 lakh from a multinational technology conglomerate for specialized cables. The contract, to be completed within 30 days, is domestic and does not involve related party transactions, with no interest from promoters or promoter group companies.

Ace investor holding in Relicab Cable Manufacturing Ltd:

Harsha Rajeshbhai Jhaver

Harsha Rajeshbhai Jhaveri holds a 1.99% stake in Relicab Cable Manufacturing Ltd, amounting to 200,975 shares valued at ₹2.1 crore. This stake reinforces his involvement in the company’s financial growth, contributing to its investor base.

Sanjib Kumar Patwari 

Sanjib Kumar Patwari holds a 1.98% stake in Relicab Cable Manufacturing Ltd, with 200,000 shares valued at ₹2.1 crore. His investment reflects confidence in the company’s growth prospects and strengthens its shareholder base.

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Stock performance of Relicab Cable Manufacturing Ltdfor Period of 1 week, 6 months and 1 year:

Relicab Cable Manufacturing Ltd has faced a 7.14% decline over the past week and a slight drop of 0.97% over the last 6 months. However, the company has seen an 11.5% return over the past year, reflecting positive long-term growth potential despite recent short-term fluctuations.

Shareholding pattern of Relicab Cable Manufacturing Ltd:

About the company Relicab Cable Manufacturing Ltd:

Relicab Cable Manufacturing Ltd (BSE: RELICAB) is a leading supplier of control cables and wiring solutions. Recently, the company received approval from CG Power for supplying Interconnecting Control Cables for POWERGRID projects. The approval enhances its reputation and commitment to quality and reliability.

Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.