Shares of KPI Green Energy Ltd ended 5% higher today after the company said it emerged as the successful bidder in the Maharashtra State Power Generation tender for the 100MWAC solar power project development.
Earlier, KPI Green had participated in the EPC package with land to develop a 600 MW solar project at various locations in Maharashtra. It received the order for a 100-MW project.
Shares of KPI Green Energy Ltd were stuck in the upper circuit of 5% at Rs 1526 in today’s trade. The power stock opened higher at Rs 1500 against the previous close of Rs 1453.35 on BSE. KPI Green Energy shares have gained 60% in 2024 and risen 425% in a year. The stock has climbed 901% in two years.
A total of 0.36 lakh shares of the firm changed hands, amounting to a turnover of Rs 5.43 crore on BSE. Market cap of the company stood at Rs 9199 crore on BSE.
The stock rose to 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 42.4, 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.
Last week, the company won an order similar to the Monday one. It bagged a wind-solar power project from Gujarat Urja Vikas Nigam Limited (GUVNL) on March 14.
“.. 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 on March 14
The 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 company reported 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.