Cords Cable spurts 5% after receiving approval to bid for Japanese firm's projects

Shares of Cords Cable Industries soared 5% after the company received approval from a Japanese engineering consultancy & contracting major for future supplies.

“Cords Cable Industries Limited is now enlisted with a Japanese Engineering Consultancy & Contracting major for their Indian subsidiary,” the company said in the press note.

“This approval enables Cords Cable Industries Limited to participate in future bids for supplying qualified products to the said Engineering Consultancy & Contracting major, where cables supplied by CORDS will have applications at various industrial facilities including Oil & Gas Processing, Refineries, Petrochemicals, Fertilizers, Cryogenics, Power, Water, Infrastructure and Industrial solutions, among others in India,” the company said.

This enlistment is valid till December 31, 2022, and is subject to review, based on performance, the company added.

Cords Cable Industries Ltd is currently trading at Rs45.45, up by Rs2.1 or 4.84% from its previous closing of Rs43.35 on the BSE.

The scrip opened at Rs42.80 and has touched a high and low of Rs46.25 and Rs42.80 respectively.

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