This Shriram Group stock climbed 7% today. Here's why

Orient Green Power Company, a lesser-known entity of Shriram Group, saw up to 7 per cent jump in Tuesday's trading session after the company announced that it is looking to consider options to utilise existing assets.

The board of the renewable power player discussed various options to consider the possibility of maximising existing assets by exploring into hybrid solutions and having a mix of solar and wind energy farms at existing locations, the company said in a BSE filing.

The company board recommended the same in its meeting held on December 23, 2022, the company said in the exchange filing.

Following the announcement, shares of Orient Green Power jumped about 7 per cent to Rs 11.69 on Tuesday. The counter had settled at Rs 10.95 on Monday. The stock has gained more than 25 per cent in the last one month.

The company said its board also discussed opportunities available in green energy worldwide and the current focus of Governments across and this gives tremendous opportunity for the company.

The company intends to expand its business upto 1 GW in Renewable Energy in the next two to three years. As of June 2022, the company has a portfolio of 402.3 MW of wind assets spread across the states of Tamil Nadu, Andhra Pradesh, Gujarat, Karnataka, and it also includes a small 10.5 MW wind farm in Croatia.

The company counts United US-based Bessemer Venture Partners and Olympus Capital Holdings Asia amongst its major partners.

For the last three years, the company registered a profitability growth of 2 per cent, but its consolidated financials in FY22 increased 15 per cent over the last one year.

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