Shares of Rossell India rose 16 percent to hit an all-time high of Rs 371.80 in intraday trade on Thursday amid heavy volumes. Shares of the aerospace and defense company crossed the previous high of Rs 361.55 touched on November 15, 2022. It has grown 210 percent in the last nine months from Rs 120 per share.
At 12:12 p.m.; Rossell India was trading at Rs 357.85, up 12 percent, compared with a 0.62 percent rise in the S&P BSE Sensex. Trading volume at the bourse increased six-fold as around 1.38 million shares, representing 3.8 per cent of the company’s total capital, changed hands on the NSE and BSE.
Rossell India is engaged in cultivation, production and marketing of bulk tea as its Rossell tea division – the company owned six tea estates located in Assam. The company also engages in engineering and manufacturing in aerospace and defense services as a division of Rossell Techsys.
On November 14, 2022, Rossell India’s board of directors approved in-principle the demerger proposal by demerging the company and converting Rossell Techsys into a separate company in accordance with the scheme of organization.
Meanwhile, three major Original Equipment Manufacturers (OEMs) account for nearly 97 percent of the Aerospace and Defense division’s revenues. Thus, the fate of the division is closely related to the activities of these companies.
“This aerospace and defense division continued to focus on export-oriented business opportunities in the aerospace and defect field with global Original Equipment Manufacturers (OEMs) through global RFPs. The division added honeywell to its US client list. Its first client from Israel Rossell India said.
The division was recently awarded the contract to provide EWIS support for the T7-A platform, which will operate for the next 30 years. This is Boeing’s first digitally designed and produced aircraft and will be starting from a clean slate.
“The company was engaged in the early stages by a no-cost, no-obligation association to build 6 sets of ships for the engineering and manufacturing development (EMD) and flight test (FT) platforms for this aircraft. Following this performance, the division will continue to operate this platform for the next 10 years. submitted a proposal for the supply of Electrical Wiring and Interconnection Systems (EWIS) parts for the Department. The department was awarded a strategic contract with a total value of more than 100 million US dollars, “he said.
The division has also provided bulk offerings to various OEMs. The bids exceed $750 million for various Boeing commercial aircraft, Israel Aerospace Industries and Lockheed Martin Platforms. These proposals relate to EWIS and Electrical Panel Assemblies (EPA) for delivery between 2049 and 2029. The decision is expected to be made in the next two quarters.
“Total confirms that purchase agreements exceed $50 million, and approved strategic agreements exceed $200 million. These agreements are to be executed within the next 5 years,” the company added.