Marine Electricals wins Defence Ministry contract for 6 integrated bridges, stock rises 3%

Shares of Marine Electricals Indian Limited jumped more than 3 percent in early trade on December 29, post securing an order worth Rs 31.85 crore for procurement of six integrated bridge systems (IBS) from Ministry of Defence. At 9:24 am, the Marine Electricals stock was trading at Rs 100.25 on the NSE.

Marine Electricals (India) recently landed a significant contract valued at Rs 31.85 crore from the Ministry of Defence. The order entails the supply of 6 integrated bridge systems (IBS) designed for TEG and Shivalik Classes of ships. The delivery of these systems is scheduled over a 36-month period.

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In addition to the procurement agreement, the contract encompasses a 5-year Annual Maintenance Contract (AMC) valued at Rs 6 crore. This means that Marine Electricals will be responsible for the maintenance and support of the integrated bridge systems for a period of five years after the delivery as detailed in the BSE filing dated December 28.

Marine Electricals stock performance

The Marine Electricals stock has given a return of 97.76 percent over the last six months. The benchmark Nifty50 index has given a return of 13.50 percent over the same duration.

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