Shares of KPI Green Energy Ltd hit upper circuit of 5% on Wednesday after the firm said it won a new order for the development of solar power projects with a cumulative capacity of 62.20 MW under the CPP business segment of the company. The multibagger stock opened higher at Rs 425.70 against the previous close of Rs 419.15 on BSE. It rose 5% to a high of Rs 440.10 on BSE. KPI Green Energy shares have gained 349% in two years and risen 31% in a year. The stock has climbed 791% in three years.
A total of 2.87 lakh shares of the firm changed hands, amounting to a turnover of Rs 12.43 crore on BSE. Market cap of the company stood at Rs 8,442.67 crore on BSE.
The stock hit a record high of Rs 744.37 on August 12, 2024 and a fell to 52-week low of Rs 302.69 on January 18, 2024.
In terms of technicals, the relative strength index (RSI) of KPI Green Energy stands at 25, signaling it's trading in the oversold zone. The stock is trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
"We are pleased to announce that M/s. Sun Drops Energia Private Limited, a subsidiary of KPI Green Energy Limited, has received new order for the development of solar power projects with a cumulative capacity of 62.20 MW under the ‘Captive Power Producer (CPP)’ business segment of the Company. With this order the overall capacity as disclosed by KPI Green Energy Limited dated April 30, 2024, June 5, 2024, August 2, 2024, August 26, 2024, and September 3, 2024, stands increased to 152.34 MW under the ‘Captive Power Producer (CPP)’ business segment of the Company, " said KPI Green Energy.
The total cumulative order book of the company as on date in CPP Segment stands at 1.60 GW, it added.
The projects are tentatively scheduled to be completed in the financial year 2025-26, in various tranches as per the terms of the orders.
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.