Enviro Infra Engineers Share Price Surges Over 11% Following Stake Acquisition, New Projects

Enviro Infra Engineers Ltd.'s share price rose by 11.15% on Tuesday. This increase follows the company's expansion in the renewable energy sector and the acquisition of new projects.

Its subsidiary, EIE Renewables, has acquired a 49% stake in Soltrix Energy Solution. Additionally, the company received a Letter of Intent from PTC India Financial Services to develop a 40 MW grid-connected solar power project in Odisha. The acquisition cost for this project is Rs 115.6 crore.

The project involves the development of a 40 MW (AC) grid-connected solar power plant in the Bolangir district of Odisha, where solar power generation will be sold at a tariff of Rs 4.10 per unit for a period of approximately 18 years.

Enviro Infra Engineers has also secured new projects worth Rs 306 crore in the domestic market.

The scrip rose as much as 11.15% to Rs 235 apiece. It pared gains to trade 9.42% higher at Rs 231.35 apiece, as of 09:41 a.m. This compares to a 0.71% advance in the NSE Nifty 50.

It has risen 11.73% in the last 12 months. Total traded volume so far in the day stood at 5.6 times its 30-day average. The relative strength index was at 56.