Premier Energies Hits Lifetime High After ₹215 Cr Solar Pump Order from UP

10 Sep 2024 , 03:57 PM

Premier Energies shares hit an all-time high of ₹1,264.90 on the BSE, up 4.84% during intraday trading on Tuesday.

At the time of writing on September 10, 2024 at 3:44 pm, Premier Energies shares closed 3.86% higher at ₹1162. Premier Energies stock has seen a 38% gain over the past six months. Premier Energies stock has gained a total of 38% in the last one year.

The surge followed an announcement of an ₹215 Crore order from the State Department of Agriculture, Uttar Pradesh.

The order involves the supply, installation, and commissioning of 8,085 solar water pumping systems across multiple districts, with a 5-year warranty.

This project is part of the PM-KUSUM scheme, aimed at energy security for farmers and promoting non-fossil fuel power sources. The work order is expected to be completed by March 2025.

Premier Energies listed on the stock market on September 3, 2024, and has gained 181% from its issue price of ₹450. The company is India’s second-largest integrated solar cell and module manufacturer, with 2 GW capacity for cells and 3.36 GW for modules. Premier Energies also offers EPC solutions, O&M services, and IPP in the solar energy value chain. The company’s Q1 FY25 revenue was ₹1,657.36 Crore, with a FY24 total revenue of ₹3,143.80 Crore.