Shares of Bhagyanagar India Ltd. rose over 16% on Tuesday, after the company received a Rs 245-crore solar project from Maharashtra State Electricity Distribution Co. In addition, the shares were also trading at 10 times the 30-day average.
The aggregate order size is 53 MW (AC) of Solar Power Generator, the company said in an exchange filing on Tuesday. The project shall be commissioned within 18 months from the Letter of Award, the company added.
The project which will be located in Maharashtra will also include operation and maintenance period of 25 years. The tariff will be set at Rs 3.09 per kwh, with a subsidy of Rs 105 crore per MW from the government.
MSEDCL will procure power under the Mukhya Mantri Saur Krushi Vahini Yojana 2.0, launched for the implementation of feeder level solarisation under Component C of PM Kusum Scheme.
The company earlier this month had received 11 Letters of Awards from Uttar Pradesh New and Renewable Energy Development Agency for solar project worth Rs 230 crore. The order for 65.7 MW (AC) is to be commissioned within a year of receiving the Letter of Award. The solar project order also includes the operation and maintenance period of 25 years.
Bhagyanagar Share Price
Shares of Bhagyanagar rose as much as 16.03% to Rs 88.39 apiece, the highest level since Feb. 11. They pared gains to trade 8.82% higher at Rs 76.18 apiece, as of 1:39 p.m. This compares to a 0.14% advance in the NSE Nifty 50.
The stock has fallen 19.08% in the last 12 months. Total traded volume so far in the day stood at 10 times its 30-day average. The relative strength index was at 48.
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