Surety Bonds replace Bank Guarantees - Union Budget 2022-23

Honorable Union Finance Minister Nirmala Sitharaman had announced at Union Budget 2022-23 regarding Surety Bond instead of Bank Guarantees in Government Procurements.

Transformers and Rectifiers (India) Limited being engaged into supplies of Transformers directly / through EPC(s) to Central and State Utilities. Now, post implementation of the above budget declaration about issuance of Surety Bond, the Company will get benefit of reduction of overall debt in form of Bank Guarantees by minimum 25%.

We hereby express our gratitude to Government of India and IRDAI regarding initiating the process.

Shares of Transformers And Rectifiers (India) Limited was last trading in BSE at Rs. 40.90 as compared to the previous close of Rs. 34.10. The total number of shares traded during the day was 913111 in over 5914 trades.

The stock hit an intraday high of Rs. 40.90 and intraday low of 34.50. The net turnover during the day was Rs. 36072970.00.

Source : Equity Bulls

Keywords

TransformersAndRectifiersIndia INE763I01026 TRIL SuretyBond BankGuarantee