Aether Industries Share Price Rises On Solar Project Commissioning

Aether Industries shares rose nearly 3% on Monday after the chemical manufacturer announced the commissioning of its 15 mega watt solar power project. The company expects the project to deliver annual energy cost savings exceeding Rs 15 crore.

In an exchange filing, Aether Industries said the solar power project, under the Captive Power Producer segment, has been fully commissioned as of Monday. Awarded to KPIG Energia Private Ltd., a wholly-owned subsidiary of KPI Green Energy Ltd., the project is now operational and supplying power to Aether's manufacturing facilities.

The company said in the filing that the initiative aligns with its "strategic focus on sustainability and renewable energy adoption." 

It expects the solar project to significantly reduce its carbon footprint while supporting long-term environmental responsibility and sustainable growth objectives.

Aether Industries stock rose as much as 2.87% during the day to Rs 895 apiece on the NSE. It was trading 0.22% higher at Rs 872 apiece, compared to a 0.11% decline in the benchmark Nifty 50 as of 9:23 a.m. 

It has fallen 1.22% in the last 12 months and 1.75% on a year-to-date basis. The total traded volume so far in the day stood at 965 times its 30-day average. The relative strength index was at 50.55.

Four out of the five analysts tracking Aether Industries have a 'buy' rating on the stock and one suggests a 'sell', according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 1,043.60, implying an upside of 16.6%.