The order will be completed over the period of two years (October 2023 to October 2025), it added. Coal India is the country’s largest coal-producing company.
New Delhi: GOCL Corporation, one of the largest manufacturers of energetics in the country, has announced that it has secured an order from state-run Coal India under the ownership of the Ministry of Coal. As per the exchange communication filed by GOCL Corporation, the mining and infra stock has received an order from PSU Coal India Limited worth Rs 766 crore for supplying bulk explosives for next two years.
The order will be completed over the period of two years (October 2023 to October 2025), it added. Coal India is the country’s largest coal-producing company.
“Pursuant to Regulation 30 of SEBI (LO&DR) Regulations, 2015 and other applicable provisions, we hereby inform that IDL Explosives Limited (IDLEL), a wholly-owned subsidiary of the Company, has bagged order from Coal India Limited, a Maharatna Company of the Government of India for supply of Bulk Explosives, to be supplied over a period of 2 years i.e. from October 2023 to October 2025,” GOCL said in a statement.
The explosives are used at mining sites for blast purposes. Besides, GOCL Corporation also supplies products for mining infrastructure projects. It has been serving the Indian mining and Infrastructure industry for the last six decades.
GOCL Corp shares have jumped from Rs 419 to Rs 604 in the last one month or 44 per cent. During the previous trading session on Friday, the stock climbed to a fresh 52-week high of Rs 622.95 following the announcement about the order win from the central public sector undertaking.
GOCL Corporation had reported a total income of Rs 258.97 crore as compared to Rs 301.91 crores during the period ended March 31, 2023. It had posted a net profit of Rs 12.1 crore.