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What is the story about?
Power and railway equipment producer Hirect Ltd(Formerly known as Hind Rectifiers Ltd) on Wednesday (July 29) announced that it has secured its first order from the United States for traction motor assemblies, marking the company's initial entry into the US market.
The order is scheduled for delivery during FY27, the company said in an exchange filing. Hirect said the order establishes a foundation for expanding customer relationships and pursuing additional opportunities in the US market.
The company said the development supports its long-term strategy of gradually expanding its international footprint through continued engagement with customers across global markets.
ALSO READ | Upper Circuit Stocks: Hind Rectifiers shares up 5% after acquiring France-based BeLink Solutions
"As HIRECT continues to strengthen its international presence, the Company remains focused on leveraging its engineering expertise, manufacturing capabilities and strategic global partnerships to expand its reach and create new growth opportunities over the long term," it added.
In July this year, Hirect Ltd had secured its first order to supply propulsion systems for Mainline Electric Multiple Unit (MEMU) trainsets from the Modern Coach Factory (MCF), a production unit of Indian Railways, in a contract valued at about ₹60 crore.
The order, which involves supplying complete propulsion systems for four MEMU trainsets, is scheduled to be executed within 24 months. It marks the power and railway equipment maker's entry into the MEMU trainset propulsion segment.
ALSO READ | Hind Rectifiers secures ₹101-crore supply order from Indian Railways
The company, in a stock exchange filing on Sunday, July 26, said the contract had been awarded by MCF and was not a related-party transaction. It also stated that its promoters or promoter group have no interest in the entity awarding the contract.
Shares of Hirect Ltd ended at ₹1,334.00, up by ₹19.55, or 1.49%, on the BSE.
The order is scheduled for delivery during FY27, the company said in an exchange filing. Hirect said the order establishes a foundation for expanding customer relationships and pursuing additional opportunities in the US market.
The company said the development supports its long-term strategy of gradually expanding its international footprint through continued engagement with customers across global markets.
ALSO READ | Upper Circuit Stocks: Hind Rectifiers shares up 5% after acquiring France-based BeLink Solutions
"As HIRECT continues to strengthen its international presence, the Company remains focused on leveraging its engineering expertise, manufacturing capabilities and strategic global partnerships to expand its reach and create new growth opportunities over the long term," it added.
In July this year, Hirect Ltd had secured its first order to supply propulsion systems for Mainline Electric Multiple Unit (MEMU) trainsets from the Modern Coach Factory (MCF), a production unit of Indian Railways, in a contract valued at about ₹60 crore.
The order, which involves supplying complete propulsion systems for four MEMU trainsets, is scheduled to be executed within 24 months. It marks the power and railway equipment maker's entry into the MEMU trainset propulsion segment.
ALSO READ | Hind Rectifiers secures ₹101-crore supply order from Indian Railways
The company, in a stock exchange filing on Sunday, July 26, said the contract had been awarded by MCF and was not a related-party transaction. It also stated that its promoters or promoter group have no interest in the entity awarding the contract.
Shares of Hirect Ltd ended at ₹1,334.00, up by ₹19.55, or 1.49%, on the BSE.
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