Diamond Power Bags Rs 109 Crore Contract To Supply Power Cable To Swastika Infra
The contract is to be executed by March 2025.
Description: Power Cables
(Source: Envato)
Diamond Power Infrastructure Ltd. received a letter of intent worth Rs 109 crore from Swastika Infra Pvt. Ltd. for the supply of power cables.
Swatika Infra is a contractor of Madhya Gujarat Vij Co.
The firm is to supply 240 square millimetre-long XLPE Al 3 core cables of 11 kilovolts for a project under MGVCL's schemes, according to an exchange filing. The contract is to be executed by March 2025.
The work does not fall under related-party transactions, and none of the promoters or promoters' groups have any interest in the entity, according to the exchange filing.
Diamond Power Infrastructure had received a letter of intent worth Rs 899.6 crore from Adani Energy Solutions Ltd. on 9 July 2024, for the supply of AL-59 conductors a new generation of aluminium alloy conductors.
The company is to complete the order by April 2025.
On July 8, the company had also signed a contract worth approximately Rs 409 crore for the supply of low- and medium-voltage cables from Adani Green Energy.
The firm will also consider a stock split proposal in its upcoming board meeting on Oct. 15 after the stocks rallied over 2,700% in the last 12 months.
The board will consider and approve the stock split of equity shares of the firm.
The capital clause of the memorandum of association will also be amended accordingly. It will be subject to approval of the shareholders and other necessary approvals.
Share price of Diamond Power Infrastructure closed 4.95% higher at Rs 1,365 apiece on the BSE, compared to a 0.21% decline in the BSE Sensex. The stock has risen 785.79% on a year-to-date basis and 2,889.49% over the past 12 months. The relative strength index was at a downturn of 43.23.
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