Steelcast Ltd announces Long-term Supply Agreement with large OEM for North American Rail-Road Industry

With Steelcast Ltd's continuous efforts to reduce concentration and dependence on mining, earth-moving and construction equipment industry, the Company has signed a long-term supply agreement with a large Original Equipment Manufacturer (OEM) in USA, to supply steelcastings for the North American Rail-road industry.

This new. agreement will help us to further consolidate our position in overseas market. Amidst a challenging environment, the entry into North American rail-road industry will help us to de-risk the business and will generate additional revenues for the Company.

The outreach to North American Rail-road industry signifies our capabilities and technological expertise in Steelcasting business.

The steelcastings covered in the agreement are in advance stage of development and will have potential volumes of Rs. 75 Crores per year in 2-3 years' time.

Considering the Company's high quality standards with on-time deliveries, the Management is confident to have a long-term association with this customer.

Shares of STEELCAST LTD. was last trading in BSE at Rs. 296.75 as compared to the previous close of Rs. 303.50. The total number of shares traded during the day was 845 in over 40 trades.

The stock hit an intraday high of Rs. 310.50 and intraday low of 293.00. The net turnover during the day was Rs. 255198.00.

Source : Equity Bulls

Keywords

STEELCASTLTD INE124E01020 OEM USA LongTermSupplyAgreement NorthAmerica RailRoadIndustry