KPI Green Energy shares gain 5% as firm wins solar order in Gujarat

Shares of KPI Green Energy Ltd rallied 5% in early deals today after the firm said it won a contract for a 305 MWac solar power project in Gujarat. Of this, Aditya Birla Renewables subsidiary has awarded 175 MW and ABREL (RJ) Projects has awarded 130 MW. The project will be connected to the interstate transmission system (ISTS) network of the Central Transmission Utility (CTU).

Shares of KPI Green Energy rose 4.99% to Rs 1812 on March 11, 2024. The stock market was shut on Friday, 8 March 2024, on account of Mahashivratri.

The power stock opened higher at Rs 1803.60 against the previous close of Rs 1725.85 on BSE. KPI Green Energy shares have gained 84.67% in 2024 and risen 482.43% in a year. The stock has climbed 1,062.79 % in two years.

A total of 0.30 lakh shares of the firm changed hands, amounting to a turnover of Rs 5.36 crore on BSE. Market cap of the company rose to Rs 10,652 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 63.8, signaling it's trading neither in the overbought nor 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.

KPI Green Energy will oversee the Balance of System (BoS) development for the entire 305 MWac solar capacity.

BoS refers to all the components and services required for a functional solar power plant beyond the solar panels themselves. This typically includes engineering, procurement, construction, commissioning (EPCC), along with tasks like design, material supply, transportation, erection, testing, and synchronisation.

The project will be connected to the Interstate Transmission System (ISTS) network of the Central Transmission Utility (CTU) after completion. The project is scheduled to be completed in the financial year 2025-26.

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.