Solar Penny Stock Jumps After Bagging Order Worth Rs 245,00,00,000 from Maharashtra State Electricity Distribution Company Ltd
The company has a market cap of Rs 265 crore and the stock is up by 22 per cent from its 52-week low of Rs 71.15 per share.
Bhagyanagar India Limited announced it has been awarded a Letter of Award (LOA) for a 53 MW Solar Power Generator (SPG) project. This award, under the Mukhyamantri Saur Krushi Vahini Yojana 2.0, a scheme for feeder-level solarisation under Component C of the PM-KUSUM Scheme, was granted by the Maharashtra State Electricity Distribution Company Limited (MSEDCL), a Government of Maharashtra undertaking. The project, located in Maharashtra, represents an overall investment of Rs 245 Crore (Rupees Two Hundred and Forty-Five Crores only).
The awarded tariff is Rs. 3.09 per kWh, inclusive of an Rs 1.05 Crore per MW subsidy from the Government of India as Central Financial Assistance (CFA). The project must be commissioned within 18 months of the LOA, and the power purchase agreement with MSEDCL will span 25 years from the project's commissioning date. This significant win underscores Bhagyanagar India Limited's commitment to sustainable energy solutions and its contribution to the growth of solar power generation in Maharashtra.
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Bhagyanagar India Ltd, incorporated in 1985, manufactures copper and copper alloy products, serving primarily Original Equipment Manufacturers (OEMs). Beyond its core copper business, the company has diversified into telecom and solar products, real estate, and the non-conventional energy sector with a solar & wind power project.
On Tuesday, shares of Bhagyanagar India Ltd jumped 16 per cent to Rs 86.92 per share from its intraday low of Rs 74.89 per share with a spurt in volume by more than 2.5 times on BSE. The company has a market cap of Rs 265 crore and the stock is up by 22 per cent from its 52-week low of Rs 71.15 per share.
Disclaimer: The article is for informational purposes only and not investment advice.