Suratwwala Business Group share price was locked-in at 20% upper citcuit on Thursday amid strong buying momentum and robust trading volumes. The penny stock was up 20% at Rs 25.56 apiece on the BSE.
The rally in Suratwwala Business Group came after the company announced that its subsidiary had received a Letter of Intent for a solar power project worth Rs 69 crore.
The new order adds to the existing order book of the company, which stood at Rs 93 crore at the beginning of FY27, offering revenue visibility for the near term.
Suratwwala Bags Rs 69 Crore Solar Order
Suratwwala Business Group said its subsidiary, Suratwwala Natural Energy Resource Private Ltd, has been awarded a 20 MW AC/28.1 MW DC engineering, procurement and construction contract by Shree Tatyasaheb Kore Warana SSK Ltd.
The project involves the design, supply, construction, installation, testing, commissioning, and operation and maintenance of a 20 MW AC/28.1 MW DC solar power plant in Kolhapur, Sangli district, Maharashtra.
In a stock exchange filing issued on September 16, the company said that this EPC contract is worth around Rs 69 crore, excluding GST.
Under the terms of the Letter of Intent, a detailed work schedule covering the commencement and completion dates for major activities will be mutually agreed upon. The project is to be completed within four months.
The contract also includes comprehensive operation and maintenance services at a cost of Rs 50 lakh per year. The project has a minimum guaranteed generation of 42.0048 million units per year.
The order gives Suratwwala Business Group additional exposure to the renewable energy and solar EPC space, with the Rs 69 crore contract covering both project execution and subsequent operation and maintenance.
Suratwwala Business Group Stock Price Movement
Despite the sharp rise in the share price, the stock has been down around 22% over the past year and lost 27% in this calendar year itself.
Currently, trading at a price-to-earnings multiple of 8.89 times, with a market cap of Rs 447.07 crore.
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