Premier Energies Stock Jumps After Rs 215-Crore Order Win For Solar Water Pumps
The contract involves supply, installation, and commissioning with five years' comprehensive warranty of 8,085 solar water pumping systems.
Premier Energies Ltd.'s shares rose more than 18% on Friday after the company received an order worth Rs 215 crore from Uttar Pradesh Department of Agriculture.
The contract involves supply, installation, and commissioning with five years' comprehensive warranty of 8,085 solar water pumping systems across various districts in Uttar Pradesh. The project is scheduled for completion by March 2025.
The initiative falls under component-B of Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan scheme to provide clean energy to more than 35 lakh farmers by solarising their agriculture pump.
Premier Energies manufactures integrated solar cells and solar panels and is the second-largest player in India as per capacity. As of March, it has 16.2% market share in the total solar cell-installed capacity in India.
The company has five manufacturing units in Hyderabad. Its total annual installed capacity for solar cells stands at 2 GW, while its solar module production capacity is 4.13 GW.
As of July 31, the company had a total order book of Rs 5,926.6 crore, of which, 25% are from the public sector undertakings and government entities, while the rest is from private players.
Premier Energies went public earlier this week. Shares rose 18.3% intraday to Rs 1,188.9 apiece, before giving up gains to trade 12% higher at Rs 1,125 per share by 10:55 a.m. The benchmark Nifty 50 was trading 1% lower.
