2024-08-25 16:21:48
MumbaiMarine Electricals (India) Limited is a company providing integrated electrical and automation solutions for power distribution and paneling for warships and other water vessels. It has signed an MOU with Cummins India, the Indian unit of the multinational company Cummins. Under this, Marine will manufacture pumps used in Navy ships. Marine is expected to benefit significantly from this agreement.
Information given to the stock exchange
This information has been given by Marine in a communication to NSE. It has been told that this MoU will facilitate the supply, commissioning and after sales services in specific areas, integrated propulsion and power generation solutions with diesel generator sets or conventional or diesel-electric configurations, exclusively for the Indian Navy as well as private ship owners.
Subsidiary company is also planning expansion
Marine Electrical’s subsidiary Narhari Engineering Works said in a filing on NSE that it is currently planning expansion. Narhari Engineering Works is in the process of expanding its manufacturing facility to manufacture both naval and marine motors up to the range of 1MW. Its new manufacturing facility is under construction at Palghar near Mumbai. The company is also starting the manufacture of naval and marine application alternators at that plant. Narhari Engineering Works specializes in the manufacture of custom made shock graded motors meeting naval engineering standards since 1964. Narhari Engineering Works manufactures motors for every application suitable to be installed on naval ships up to a rating of 300 kW. Tie-ups with several companies
Marine Electrical has been working in the field of pumps for a long time. The major companies in India that are engaged in pumps are Shakti Pumps, WPIL Limited and Kirloskar Pneumatic and others. Kirloskar earlier had a tie-up with Cummins, which has now been done with Marine. It is worth mentioning that Marine Electrical supplies power distribution, panels and radars for all the ships of the Indian Navy. This company has also done the work of INS Vikrant. Whether the order is given to companies like Garden Reach, Cochin or Goa Shipyard or L&T. This company works as an approved vendor of the Indian Navy. The company has recently opened offices in Europe and UAE to strengthen its position abroad.
Shares opened higher today
Its shares opened higher today on the National Stock Exchange. Yesterday, i.e. on Wednesday, at the close of trading, its shares closed at Rs 253.70. Today, it opened at Rs 255.80 and went up to a high of Rs 263. At 11 am, it was trading at Rs 257, up by Rs 3.30. Its lowest level till that time was Rs 255.