Shares of TGV SRAAC Ltd. hit the upper circuit after its board approved a 15-megawatt capacity addition to a solar power project.
This is in addition to a previous approval accorded by the board for a 25-MW solar power plant. Of the previously approved 25 MW, the company has successfully commissioned 10 MW solar power so far, according to a statement on Wednesday. The company also has prepaid term loans up to Rs 72 crore to banks, it said.
Shares of TGV SRAAC jumped 20% to Rs 111.50 apiece, the highest in at least a year, around noon on Thursday.
Trading volume was more than 20 times the 20-day average for this time of day.
The Relative Strength Index was above 70, indicating it may be ‘overbought'.
Total return is 125.8% YTD vs 3.0 for S&P BSE Sensex.
The company has a market cap of Rs 1,194 crore.
TGV SRAAC manufactures and exports a wide range of chemical products. The company produces chlor-alkali, castor derivatives, chloromethanes, toilet soap, and fatty acids. It caters to manufacturing, export, pharma and health care, power, infrastructure, hospitality, and educational sectors across the globe.
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