Simplex Castings Ltd., a leading provider of castings and engineering solutions, has been designated as the preferred manufacturing partner for TsNIIchermet, based in Russia.
Under the collaboration, Simplex Castings Limited, along with ADJ Engineering, has been selected by I.P Bardin TsNIIchermet, Russia’s premier Central Research Institute for Iron and Steel Industry, to manufacture metallurgical equipment designed by TsNIIchermet. The initial contract is valued at Rs 20 million.
Ketan Shah, Chairman of Simplex Castings Ltd., expressed his satisfaction with the development, stating, “We are thrilled to receive the inaugural order from Chermet as part of our collaboration. This partnership signifies a significant milestone for Simplex, offering the opportunity to supply equipment designed by Chermet to steel plants in India and Russia. With our commitment to delivering high-quality equipment, we are confident in the potential for further advancements through this collaboration.”
Shares of SIMPLEX CASTINGS LTD. traded on the Bombay Stock Exchange (BSE) at Rs. 189.00, compared to the previous day’s close of Rs. 185.30. The stock saw a total trading volume of 10,975 shares across 31 transactions.
During the trading session, the stock reached an intraday high of Rs. 189.00 and a low of Rs. 181.60, with a net turnover of Rs. 2,072,240.00.
This collaboration with TsNIIchermet marks a significant step forward for Simplex Castings Ltd., reinforcing its position as a reliable partner in the global steel industry.
