Multibagger solar stock hits upper circuit on Rs 248-crore order win from Maharatna firm

Shares of multibagger Oriana Power were stuck in the upper circuit of 5% on Monday after the firm said it won an order worth Rs 248 crore for a 52 MW solar power plant. Maharatna firm Bharat Petroleum Corporation Ltd has awarded the contract. Oriana Power stock hit an upper circuit of 5% at Rs 2,193.15 against the previous close of Rs 2088.75 on NSE. Oriana Power's market cap climbed to Rs 4,207.3 crore. The stock is not listed on BSE.

Total 0.24 lakh shares of the firm changed hands over the counter amounting to a turnover of Rs 5.26 crore on NSE.

In terms of technicals, the relative strength index (RSI) of Oriana Power stock stands at 46.2, signaling it's trading neither in the overbought nor in the oversold zone. Oriana Power shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

Shares of Oriana Power have delivered multibagger returns of 365.69% this year and 496.61% in a year.

Oriana Power will develop the project for the respective customer as per the terms of the order under EPC segment including CTU approval, Transmission lines and O&M for five years.

The new project will be developed in Prayagraj, Uttar Pradesh. It falls under the company's Engineering, Procurement, and Construction (EPC) segment. Under the contract, Oriana Power will ensure the development of the solar power plant, which includes obtaining approval from the Central Transmission Utility (CTU), setting up necessary transmission lines, and managing operations and maintenance for five years.

Oriana Power is expected to complete the contract within six months.

Oriana Power is a company that specializes in providing solar energy solutions to industrial and commercial customers. It offers low carbon energy solutions by installing on-site solar projects such as rooftop and ground-mounted systems, as well as off-sit.