Steel Exchange India Secures INR 210 Cr RINL Contract, Stock Up! 📈

Hey there, investors! 👋 Big news is rolling in from the steel sector today, specifically for Steel Exchange India Limited (STEELXIND). The company has just announced a significant contract win that’s sure to get attention, especially with its stock already seeing a positive bump of 2.3% to ₹10.85.

Steel Exchange India has successfully bagged a major conversion contract from Rashtriya Ispat Nigam Limited (RINL), a prominent public sector company. This isn’t just any contract; it’s a substantial deal to convert 1.20 lakh tons of billets annually into various sizes of VIZAG STEEL Brand TMT Bars. Think of it as Steel Exchange India taking RINL’s raw material and transforming it into finished, high-demand construction steel.

This domestic contract is set for a period of two years, with the exciting possibility of an extension for another year, subject to mutual consent. And the financial muscle behind this deal? It’s valued at up to INR 210 Crore over the potential three-year period, translating to roughly INR 70 Crore per annum. That’s a solid revenue stream!

What does this mean for Steel Exchange India? Well, it’s a fantastic opportunity to leverage their existing new rolling mill, ensuring better capacity utilization. More work means more efficient use of their assets, which directly translates to increased revenues for the company. It’s a win-win: RINL gets its TMT bars produced, and Steel Exchange India strengthens its financial position.

This announcement highlights the company’s operational capabilities and its ability to secure large-scale projects from major players in the industry. Keep an eye on STEELXIND as they embark on this new chapter! ✨

source: Corporate Announcement

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