Tega Industries rallies 6% after arm inks contract in consortium with NMDC

Teg Industries stock zooms: Tega Industries stock surged by 6.30 per cent to reach Rs 1,699.45 per share on Friday following an announcement from the company's subsidiary, Tega McNally Minerals Limited. 

The subsidiary, formerly known as McNally Sayaji Engineering Limited, has entered into a major contract as part of a consortium with NMDC Limited, India's largest iron ore producer.

In an exchange filing, Tega Industries said, “Kindly note that Tega McNally Minerals Limited (TMML) (erstwhile McNally Sayaji Engineering Limited), a wholly-owned subsidiary of the Company, has informed the Company vide letter dated June 27, 2024, that it has entered into a contract on June 26, 2024 as a consortium member with India's largest producer of iron ore, NMDC Limited, for Design, Engineering, Manufacture, Supply, Erection, Testing and Commissioning of new 7 MTPA Iron ore Screening & Beneficiation Plant – II (SP-II) (Package -1) at Donimalai Complex, Bellary, Karnataka on Turnkey basis(the “Contract”).”

 

Construction company Kalpataru Projects International Limited is the consortium leader.

The contract, valued at approximately Rs 871.6 crore (inclusive of taxes), is slated for completion over a period of 26 months. TMML's share in this contract amounts to Rs 119.09 crore (inclusive of taxes).

Tega Industries Ltd., based in Kolkata, India, is part of the MM Group of Companies. It focuses on delivering tailored solutions and services to the mining, mineral beneficiation, bulk material handling, and slurry transportation sectors. 

The company specialises in manufacturing, distributing, and managing the life cycle of wear-resistant lining components essential for mineral grinding, sizing, and beneficiation processes. 

Additionally, Tega Industries provides equipment like hydro-cyclones and flotation columns, along with fluid transportation and filtration systems crucial for industrial operations in these fields.

The market capitalisation of Tega Industries is Rs 10,757 crore, according to Bombay Stock Exchange (BSE).

The 52-week high of the stock is Rs 1,795.70 while its 52-week low is Rs 842.05 per share.

At 10:25 AM, shares of Tega Industries were trading 1.35 per cent higher at Rs 1,620.3 per share. By comparison, BSE Sensex was trading 0.33 per cent higher at 79,502.58 levels.