Oriana Power Shares Surge Following Major Contract Win
Oriana Power has seen a significant increase in its shares, which recently reached Rs 2155, marking a gain of over 4%. This rise follows the awarding of a substantial contract from the Maharashtra State Electricity Distribution Company to construct a 75 MW alternating current solar power plant.
Details of the Rs 375 Crore Project
The new contract, valued at Rs 375 crore, is part of the PM-KUSUM scheme aimed at solarizing feeder-level systems across Maharashtra. Oriana Power is expected to complete the project within a year, adding to its portfolio that includes a recent Rs 155 crore contract for a 40 MW solar plant in Rajasthan.
Impressive IPO Performance
The company’s IPO, which launched at Rs 118 on August 1, 2023, has proven to be a lucrative investment, increasing over 1625% to Rs 2155. On its debut, shares surged by 160%, closing at Rs 317.10.
Strong Investor Interest
Oriana Power’s IPO garnered overwhelming interest, being subscribed 176.58 times overall, with retail investors subscribing at 204.04 times. This strong demand reflects investor confidence in the company’s future growth.
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Summary at glance
Oriana Power, a rapidly growing solar energy company, has seen its shares soar to Rs 2155, up over 4%, following a significant contract from Maharashtra State Electricity Distribution Company to build a 75 MW solar power plant. Additionally, the company secured a Rs 375 crore project under the PM-KUSUM scheme, needing completion within 12 months. Following its IPO at Rs 118 in August 2023, shares have surged over 1625%, showcasing immense investor confidence.
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