Shares of Hitachi Energy India Ltd rose 3% in early deals today after the company said it won a contract from Ayana Renewable Power to provide a grid connection solution for their upcoming 300-megawatt solar photovoltaic power plant in Bikaner. Hitachi Energy stock rose 2.99% to a high of Rs 4,598 against the previous close of Rs 4464.20 on BSE.
Hitachi Energy shares opened higher at Rs 4470 on BSE. Total 2208 shares of the firm changed hands amounting to a turnover of Rs 1 crore on BSE. Market cap of the firm climbed to Rs 19,413 crore.
In terms of technicals, the relative strength index (RSI) of the stock stands at 55.4, signaling the stock is trading neither in the overbought nor in the oversold zone. Hitachi Energy stock has a one-year beta of 0.2, indicating very low volatility during the period. Hitachi Energy shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Hitachi Energy stock has gained 21.62 per cent in one year and risen 36.58 per cent since the beginning of this year. In a month, the stock has gained 6.35 per cent.
The company will provide an engineering, procurement and construction management package that collects all the power generated by the plant and transfers it into the national transmission system.
The project is scheduled to be commissioned in March 2024.
"This project from Ayana Renewable Power is another step towards an integrated renewable energy system. The world is rapidly realizing that renewable energy is essential to deliver on the promise of a carbon-neutral future while maintaining energy security. This is where a robust integrated renewable energy system plays a crucial role in connecting all dots, to address the growing energy needs sustainably," said N Venu, Managing Director and CEO, India and South Asia, Hitachi Energy.
Hitachi Energy India serves utility and industry customers, with the complete range of engineering, products, solutions and services in areas of power technology. The company has extensive installed base for manufacturing and a countrywide marketing and service presence.
Disclaimer: Under no circumstances should any person at this platform make trading decisions based solely on the information discussed herein. You should consult a qualified broker or other financial advisor prior to making any actual investment or trading decisions. All information is for educational and informational use only. Business Today does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same.