CG Power has signed a 35-year service agreement, reinforcing its long-term commitment to the railway sector. Shares of CG Power and Industrial Solutions Ltd are in news today after company won a Rs 450 crore order by Kinet Railway Solutions for railway components for Vande Bharat trainsets, reflecting its strong presence in the railway sector.
CG Power and Industrial Solutions Ltd, a prominent player in the engineering sector, has secured an order valued between Rs 400 crore to Rs 450 crore from Kinet Railway Solutions Limited. This order involves supplying and servicing railway products such as propulsion kits, motors, and transformers for the manufacturing of ten Vande Bharat trainsets.
Additionally, CG Power has signed a 35-year service agreement, reinforcing its long-term commitment to the railway sector. The firm has a long-standing presence in this sector, with over 86 years of expertise and a comprehensive product range that includes traction machines, propulsion systems, and signalling products. This latest contract underscores CG Power's capabilities and strategic focus on expanding its railway solutions portfolio.
Shares of CG Power rose 2.6% to close at Rs 607.55 on Tuesday. Market cap of the firm stood at Rs 93,979 crore.
. This price movement reflects market optimism towards the company's ability to leverage its substantial experience in railway systems to fulfil this significant contract. The company's operations extend across 18 manufacturing plants in India and Sweden, supported by a workforce of approximately 3,113 employees. In the fiscal year 2023-24, CG Power reported consolidated revenues of ?8,046 crore, demonstrating its robust position in the industry.
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