GOCL Corp locked at 20% upper limit as arm bags Rs 592 cr Coal India order

Shares of GOCL Company (formerly Gulf Oil Company) had been locked at the twenty for each cent higher circuit at Rs 328.50, also its fifty two-7 days superior on the BSE on Monday, just after the corporation announced get gain worth of Rs 592 crore from Coal India.

IDL Explosives Limited (IDLEL), a wholly-owned subsidiary of the corporation, bagged get worth of Rs 592.45 crore from Coal India, a Governing administration of India endeavor for supply of bulk explosives, to be provided in excess of a time period of two a long time i.e. from Oct 2021 to Oct 2023, GOCL Company reported in an trade submitting.

The buying and selling quantity at the counter jumped almost five-fold with a merged 895,000 equity shares changing hands until twelve:50 pm. There had been pending purchase orders for close to 92,000 shares on the NSE and BSE, info demonstrates.

GOCL Company is engaged in manufacture of energetics, industrial / professional explosives and realty enterprises and dealing with PSU organizations. A wholly-owned subsidiary of GOCL, IDL Explosives, is a pioneer in the manufacturing and marketing of cartridge explosives and bulk explosives for mining and infrastructure jobs. With a big one,twenty five,000 MT accredited potential, the corporation manufactures cartridges in its Rourkela plant and bulk explosives at its crops in Dhanbad, Korba, Ramagundem, Rajarappa, Singrauli, and Udaipur and has a overall accredited potential of two,sixty three,five hundred tonnes.

The energetics division of the corporation and its a hundred for each cent subsidiary IDLEL has carried out numerous jobs for upgradation and modification of processes and equipment for enhancing excellent, efficiency, protection and effectiveness to provide price-added solutions and services. To meet up with the growing level of competition new solutions and further more modernization of amenities are planned in FY22.

The govt has initiated rigorous steps to enhance the security of detonators and explosives and as an instant action curtailed the production of electric detonators to drive a change to non-electric and safe electronic detonators in excess of 5 a long time starting off from April 2020, GOCL Company reported in FY21 yearly report.

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