400 per cent returns: This multibagger heavy electrical equipment company receives order for 300 MW solar power plant from Ayana Renewable Power!
The stock gave multibagger returns of 400 per cent in just 3 years whereas BSE Sensex Index is up by 73.55 per cent.
Hitachi Energy India Limited (Hitachi Energy) has won a contract from Ayana Renewable Power one of the leading Independent Power Producers in the country to provide a grid connection solution for their upcoming 300-megawatt (MW) solar photovoltaic power plant in Bikaner, Rajasthan.
Hitachi Energy has been working closely with Ayana Renewables for this project to co-create an optimized solution that meets the safety, quality and technical requirements of Solar Energy Corporation of India, the end-user of the renewable plant.
Leveraging its strong local footprint and expertise in project design and execution, Hitachi Energy will provide an engineering, procurement and construction management package that collects all the power generated by the plant and transfers it into the national transmission system safely and reliably. The project is scheduled to be commissioned in March 2024.
India is rapidly expanding its renewable energy capacity to meet its goal of sourcing 50 per cent of its electricity from non-fossil fuels by 2030. In FY23, renewable energy accounted for 92 per cent of new power generation capacity additions, with solar being the leading source. Hitachi Energy is helping India achieve its clean energy goals by providing innovative solutions for integrating large-scale renewable energy.
Hitachi Energy India Ltd (formerly known as ABB Power Products and Systems India Ltd.) was created in 2019 as a Joint Venture between Hitachi and ABB's Power Grids. The company serves utility and industry customers, with a complete range of engineering, products, solutions, and services in areas of Power technology. The company has a market cap of over Rs 19,000 crore and reported excellent numbers in its Quarterly Results & annual results.
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On Friday, shares of Hitachi Energy zoomed 2.84 per cent to Rs 4,591.15 per share with an intraday high of Rs 4,616.60 and an intraday low is Rs 4,469.55.
The stock gave multibagger returns of 400 per cent in just 3 years whereas BSE Sensex Index is up by 73.55 per cent. Investors should keep an eye on this mid-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.