Solar Penny Stock Under Rs 60 Hit Upper Circuit After Receiving New Order of Rs 1,05,26,500 From Mahindra Holidays and Resorts India Ltd
The shares of the company saw a spurt in volume by more than 2.42 times on BSE and up by 40 per cent from its 52-week low of Rs 39.26 per share.
TCM Ltd. has secured a significant work order from Mahindra Holidays and Resorts India Limited for the design, supply, installation, and commissioning of a 250 KWp grid-connected solar photovoltaic (SPV) power plant at the Club Mahindra resort in Poovar, Kerala. The key terms of the agreement include a 60-day project completion timeline, a guaranteed yearly generation of 3.7 units per KW, and various warranties on components such as solar panels (10-year product, 25-year performance), inverters (7 years), and the online monitoring system (1 year).
The total value of the work order is Rs 1,05,26,500. Payment terms stipulate 20 per cent upon complete material delivery, 75 per cent upon project completion and net metering certification, and a 5 per cent retention for two years. The order, awarded by a domestic entity, covers all aspects from design and installation to commissioning, including loading, unloading, freight, and any Discom statutory charges. This project underscores TCM Ltd.'s capabilities in delivering comprehensive solar power solutions for prominent clients within the domestic market.
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About the Company
TCM Ltd manufactures medical products, GPS-enabled automatic headlight beam assist systems for vehicles under the brand name of ENSO and the business of setting up and commissioning solar power plants. The shareholding pattern of the company where promotors hold a 49.51 per cent stake, DIIs hold a 7.44 per cent stake (out of which Life Insurance Corporation of India owns 7.41 per cent) and the rest is owned by the general public which is 43.05 per cent as of September 2024.
On Tuesday, shares of TCM Ltd gained 5 per cent upper circuit to Rs 51.04 per share from its previous closing of Rs 48.61 per share. The stock has a 52-week high of Rs 79.50 per share and a 52-week low of Rs 39.26 per share. The shares of the company saw a spurt in volume by more than 2.42 times on BSE and up by 40 per cent from its 52-week low of Rs 39.26 per share.
Disclaimer: The article is for informational purposes only and not investment advice.