Shares of RMC Switchgears soared over 15% today after the company has developed an IoT device which will help in monitoring the location, problems, abnormalities and power consumption (including energy auditing with features, smarter than smart meters) for the State Power utilities and soon company will be rolling it out for Domestic Applications as well which will also provide Home Automation Systems.
This system will be one of the biggest problem solvers for the utilities as it will help them to bring down the AT&C losses by reducing leakages and power theft, increasing the life of the equipments and eliminating electrocution issues of the nation, which consumes billions of the hard earned money of tax payers.
The company has also developed a Mobile and Web Application to manage and control the above, which will be customised as per the utility and will ensure the encrypted form of the database. This system will improve Power Reliability and will also ensure that the consumer of the utility will get break down maintenance within 24 hours itself, as it will directly communicate with the line man for any unwanted reported incident.
Shares of RMC Switchgears are trading at Rs 29.50, up Rs 4, or 15.69% at the Bombay Stock Exchange (BSE) on Wednesday at 2:23 p.m.
The scrip has touched an intra-day high of Rs 29.50 and low of Rs 26.85. The total volume of shares traded at the BSE is 38,000.
Currently, the stock is trading down 98.68% from its 52-week high of Rs 29.50 and above 70% over the 52-week low of Rs 11.25.