KPI Energy charges up 15 per cent; witnesses breakout of a triangular pattern!

Talking about the recent development in the company, it has received commissioning certificates from Gujarat Energy Development Agency (GEDA)

KPI Green Energy Limited (formerly known as KPI Global Infrastructure Ltd) (KPI) is a multi-dimensional renewable energy player with an interest in power generation both as an independent power producer (IPP) and as a service provider to captive power producers (CPP) under the brand name of 'Solarism’.  

The stock seems fully charged up on Wednesday as after opening with modest gains at Rs 459, it is now trading near its intraday high level of Rs 521, which translates into a move of nearly 15 per cent. This is the highest single-day price change that the stock has witnessed in the last three months. Interestingly, the upmove in the price has been backed by robust volumes. Volume for the day is already near 3 lakh, which is a four-fold jump compared to its 50-day average volume.   

Technically, the stock also witnesses breakout of a triangular pattern over the past 19 days while it is currently trading nearly 9 per cent away from its 52-week high. The stock is trading above its 20, 50, and 100-DMA. Also, the 14-period RSI on the daily timeframe has logged a fresh 14-period high and moved above the 60-mark. Furthermore, the +DMI is much above the –DMI and ADX.   

Talking about the recent development in the company, it has received commissioning certificates from Gujarat Energy Development Agency (GEDA) for clients like Creative Technologies, Chougle Salt Works Private Limited, and Aether Industries Limited.   

In FY22, captive power producers (CPP) contributed 73 per cent to the total sales while independent power producers (IIP) contributed 25 per cent to the total sales along with 2 per cent sales of industrial plots.