Small-cap battery manufacturer, Indo National Limited’s shares zoomed 18.24% on Monday’s early trades and got locked at an upper circuit at ₹ 403.90 apiece. The company manufactures batteries under the well-known brand Nippo.
In an exchange filing, the company informed the bourses that its subsidiary Kineco had bagged a ₹ 113 crore order for the supply and installation of modular interiors for Vande Bharat semi-high speed trains, from Integral Coach Factory (ICF), Chennai.
In addition, the company’s shares have started trading ex-dividend today. It will be paying a dividend of ₹ 5 per share and the record date is September 20, 2022.
Earlier this year, Kineco was awarded the largest order of 68 train fronts of the same Vande Bharat Trains. The company has an already strong order book and the new order will catapult it to become one of India’s largest train interior suppliers, as per a press release.
Vande Bharat is India’s first semi-high speed train. It is designed and manufactured under the Indian Government’s Make in India initiative, by Integral Coach Factory (ICF), Perambur Chennai, which is the oldest and largest train manufacturing arm of the Indian Railways.
Shekhar Sardessai, Kineco’s founder and managing director said that they feel proud to win the prestigious order and be a part of the ‘Make in India’ story. He added that the company has been at the forefront of the Indian Railway Modernization Drive for many years and this order gives them another opportunity to showcase their expertise in delivering world-class products, using the latest proprietary technologies.
Indo National Limited manufactures batteries, torches, LED products, mosquito bats, electrical accessories, razors and blades.
Written by Simran Bafna
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