Shares of KPI Green Energy Ltd rallied nearly 4% today after the company won a wind-solar power project from Gujarat Urja Vikas Nigam Limited (GUVNL).
Shares of KPI Green Energy climbed 3.82% to Rs 1544 on March 15, 2024. The power stock opened lower at Rs 1480.75 against the previous close of Rs 1487.15 on BSE. KPI Green Energy shares have gained 50% in 2024 and risen 384% in a year. The stock has climbed 847% in two years.
A total of 0.35 lakh shares of the firm changed hands, amounting to a turnover of Rs 5.18 crore on BSE. Market cap of the company stood at Rs 8631 crore on BSE.
The stock hit a record high of Rs 1895.95 on February 26, 2024 and a 52-week low of Rs 259.16 on December 29, 2023.
In terms of technicals, the relative strength index (RSI) of KPI Green Energy stands at 44.7, signaling it's trading neither in the overbought nor in the oversold zone. The stock is trading lower than the 5 day, 10 day, 20 day, 30 day but higher than the 50 day, 100 day, 150 day and 200 day moving averages.
“.. has emerged as the successful winner in the Gujarat Urja Vikas Nigam Limited (GUVNL) tender for development of wind-solar hybrid power project," the company said in an exchange filing.
This tender was for the development of 500 MW hybrid renewable power projects with a greenshoe option of another 500 MW.
The company said it received the Letter of Intent on March 14, for granting the 50MW (comprising of 16.80 MW Wind and 50MW Solar) project.
The power purchase agreement (PPA) with GUVNL shall be executed after obtaining the approval of the Gujarat Electricity Regulatory Commission (GERC), it said.
The company posted a 46.87% rise in Q3 net profit to Rs 50.60 crore. Revenue zoomed 84.20% to Rs 330.11 crore in Q3 FY24 on a year on year basis.
KPI Green Energy is a solar power generating company focused on providing solar power both as an Independent Power Producer (IPP) under the brand name of `Solarism' and as service provider to Captive Power Producer (CPP) customers.