With an excellent return of 533.58%, the shares of this solar energy company made investors rich, know the complete details.

Shares of Solar Energy Company Oriana Power Soar with 533.58% Return

Oriana Power, a notable player in the solar energy market, has recently witnessed a remarkable increase in its share prices. The stock surged over 4% on Thursday, reaching ₹2,155. This impressive growth is attributed to a significant contract awarded by the Maharashtra State Electricity Distribution Company (MSEDCL) for the construction of a 75 MW solar energy plant.

Details of the ₹375 Crore Solar Project

The new project, valued at ₹375 crore, involves the development of a solar energy plant as part of the PM-KUSUM scheme in Maharashtra. This project includes the establishment of necessary land and transmission lines, with a completion deadline of 12 months. Additionally, Oriana Power secured a ₹155 crore order for a 40 MW solar plant in Rajasthan, bolstering its market presence.

Remarkable Growth Since IPO

Since its IPO on August 1, 2023, priced at ₹118, Oriana Power has delivered exceptional returns to investors. Shares skyrocketed by over 1,625% to reach ₹2,155 by October 17, 2024. The stock has shown consistent growth, with a high of ₹2,984 in the past week.

High Demand for IPO

The IPO attracted significant interest, being oversubscribed 176.58 times, indicating robust demand and investor confidence in Oriana Power’s future. Retail investors demonstrated particular enthusiasm, with subscriptions reaching 204.04 times.