Hitachi Energy India Limited on June 25 announced that it has received an order worth Rs 790 crore from fellow subsidiary Hitachi Energy Australia Pty Ltd for the development of high voltage direct current links between Tasmania and Victoria, the company said in a stock filing.
Following the announcement, the stock price of the company surged 3.73 percent to Rs 12,038.5 on NSE at 12:07 pm.
“Marinus Link is a project of national significance for Australia. It will play a fundamental role in Australia’s energy ecosystem, and the company will play a crucial role in supporting it,” the company said.
Through this deal, the firm will execute project Marinus Link, which will create voltage source converter (VSC) high voltage direct current (HVDC) links between Tasmania and Victoria for supply of certain equipment. These links will be used for the execution of another project -Burnie Converter Station and Latrobe Valley Converter Station, the company statement said.
The order is scheduled to be executed over a period of four years.
Hitachi Energy was selected by Marinus Link Pty Ltd to supply a HVDC project in Australia. The firm will supply its HVDC Light VSC stations for the project and delivery of certain equipment will be executed from the company’s factory in India.
The company, in May, had posted a 123.82 percent year-on-year jump in net profit at Rs 113.7 crore for the March-ended quarter.
The revenue from operations surged 27.1 percent to Rs 1,695.3 crore in the reported quarter compared to Rs 1,334 crore in the corresponding period of the previous fiscal.
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