Multibagger power stock gains 9% on Rs 10,000-cr MoU with Rajasthan govt

Shares of Oriana Power Ltd, a renewable energy solutions provider, zoomed nearly 9% today after the firm said it has inked a Memorandum of Understanding (MoU) with the Rajasthan government for renewable energy projects worth Rs 10,000 crore. Oriana Power shares rose 8.79% to Rs 2,699.95 against the previous close of Rs 2481.65 on NSE. The stock is not listed on BSE. The multibagger stock has gained 461% in 2024 and risen 428% in a year. Market cap of the firm rose to Rs 5447.67 crore. A total of 0.65 lakh shares changed hands amounting to a turnover of Rs 17.25 crore on NSE.

Oriana Power shares have a beta of 0.9, indicating very low volatility in a year.

In terms of technicals, the relative strength index (RSI) of the stock stands at 58.3, 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 and 200 day moving averages.

The project proposes to provide direct employment to 4,000 people. It is likely to start from 2025.

"Oriana Power Limited has signed a Memorandum of Understanding (MoU) with the Government of Rajasthan under the "Rising Rajasthan 2024" initiative to explore investment opportunities in renewable energy projects. These include solar power, floating solar, green hydrogen, and energy storage solutions, amounting to Rs 10,000 crore.

This aligns with our strategic vision to contribute to India's renewable energy goals and establish Oriana Power as a leader in clean energy infrastructure. The sequence of events leading to the MoU is as follows:

November 2024: Initial discussions with the Government of Rajasthan to identify potential renewable energy investment opportunities.

December 2024: Agreement finalized on the scope of collaboration, culminating in the formal signing of the MoU on December 04, 2024," said the firm.

Oriana Power is engaged in operates across various segments of the power industry, encompassing power generation, engineering, procurement, and construction (EPC) of power projects.