KPI Green upper circuit: KPI Green Energy share price jumps 5% on solar power project win
KPI Green upper circuit: KPI Green Energy share price hit its 5 per cent upper circuit of ₹1,526 in early trade on BSE on Monday, March 18, following the company's announcement that it has bagged a 100MW solar power project from the Maharashtra State Power Generation Co. Ltd. KPI Green Energy share price opened at ₹1500 against the previous close of ₹1453.35 and soon jumped 5 per cent to hit its upper circuit level of ₹1,526.
In a BSE filing on Saturday, March 16, the company said that "it emerged as the successful bidder in the Maharashtra State Power Generation Co. Ltd. (MAHAGENCO) tender for the development of 100MWAC solar power project." The company further said that it had participated under the "EPC package with land to develop cumulative capacity 600 MWAC Solar-PV power projects at various locations in Maharashtra under the RE Bundling Scheme".
"We are thrilled to announce that this tender win marks a pivotal moment in our journey as we expand our business beyond the state of Gujarat. It underscores our ambition to play a key role in advancing renewable energy solutions at a broader geographical level. This tender win is aligned with our strategic vision and ambitious target of achieving 1000 MW by the year 2025," KPI Green said.
KPI Green share price has been on a roll for the last one year. The stock hit its 52-week low of ₹259.16 on March 29 last year. At the current market price of ₹1,526, the stock has surged nearly six times, or 489 per cent, from its 52-week low level.
The stock hit its 52-week high of ₹1,895.95 on February 26 this year. KPI Green Energy declared its Q3 FY24 results on February 14, 2024. The company's topline rose by 84.21 per cent and the profit increased by 46.87 per cent year-on-year
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