Gujarat Toolroom Seals Major Contract with Reliance Industries (Image Source: IANS, iStockphoto)
In a significant development, Gujarat Toolroom has secured a substantial contract from Reliance Industries Limited (RIL), cementing its reputation as a dependable supplier in the construction domain. The contract is valued at Rs. 65 crore, this deal constitutes the second phase of a comprehensive agreement between the two corporate giants.
Building on its prior success, Gujarat Toolroom recently fulfilled the initial segment of the contract, worth Rs. 29 crore, further solidifying its partnership with Reliance Industries. With this, the total contract value between Gujarat Toolroom and RIL now exceeds a staggering Rs. 200 crore.
As per the company’s filing on the BSE, “Gujarat Toolroom Limited has successfully executed another segment of the ongoing contract with Reliance Industries Limited. This latest development signifies our commitment to fulfilling our contractual obligations and underscores the strength of our business relationship with RIL. GTL has delivered construction supplies valued at Rs. 650 million to Reliance Industries Limited, marking the second installment of the agreed-upon contract.”
The company added, “As previously disclosed, the total contract size between GTL and RIL exceeds Rs. 2 billion. The initial tranche of the contract amounting to Rs. 290 million was satisfactorily completed last month. With the recent fulfillment of the Rs. 650 million segment, GTL is poised to progress seamlessly towards completing the remaining portions of the contract in the forthcoming quarters.”
On Monday, the shares of Gujarat Toolroom closed at Rs 34.11, 4.93 per cent down from the previous day’s closing. The 52 week high and low of the share is Rs 62.97 and Rs 11.18 respectively. According to the BSE analytics, the shares have given massive returns of 114.26 per cent in the last 1 year and 1992.64 per cent in the last 2 years.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. TT Research DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
