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Business News/ Markets / Stock Markets/  KPI Green Energy share price locked at 10% upper circuit to hit 52-week high; here's why
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KPI Green Energy share price locked at 10% upper circuit to hit 52-week high; here's why

KPI Green Energy shares locked at 10% upper circuit at ₹1148.10 apiece on BSE following news of plans to raise fresh funds via QIP, according to market sources.

KPI Green Energy share price opened at ₹1,050 per share on the BSE today. (iStock)Premium
KPI Green Energy share price opened at 1,050 per share on the BSE today. (iStock)

KPI Green Energy shares were locked at 10% upper circuit at 1148.10 apiece on the BSE, which is also its 52-week high price following news of the company's plans to raise fresh funds via qualified institutional placement (QIP), according to market sources. KPI Green Energy share price opened at 1,050 per share on the BSE today. 

This year, so far KPI Green Energy stock price has increased by 162%. The stock experienced an 8% decline in September and a 0.4% decline in October due to the peak rally that took place in April through August. The stock recovered momentum in November and is up about 40% after the consolidation phase.

Also Read: Veranda Learning Solutions stock gains 29% in two sessions; here's why

“Technically, the KPI Green Energy stock price is in uptrend and after some consolidation the prices have resumed its upmove. Expect prices to extend upward move in near term towards 1,250 with 1,080 as immediate support," Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One.

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The company got a slew of orders last week. In order to carry out a solar power project, KPI Green Energy was awarded a new 1.60 MW order by Sun Drops Energia Private Limited, a fully owned subsidiary of the company operating under the "Captive Power Producer (CPP)" segment of the business.

Also Read: LIC share price likely to see 51% upside, surge towards IPO price, amid deepening market cap discount: ICICI Securities

"We are glad to inform you that, with addition of the order mentioned above, our cumulative orders of solar power projects, till date have crossed 139+ MW under CPP segment of the Company," it said in an exchange filing dated November 10.

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Earlier last week, the Mumbai-based Aditya Birla Renewable Energy Limited granted the company a Letter of Award for a 22.26 MWp Solar Power Project. Located in the state of Gujarat, this project is part of the company's 'Captive Power Producer (CPP)' business segment.

KPI Green Energy Limited also received repeat orders for 2.70 MW for executing solar power projects under ‘Captive Power Producer' segment of the company.

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The primary goal of KPI Green Energy Limited is to supply renewable energy across various business verticals. Under the brand name "Solarism," the company develops, constructs, owns, runs, and maintains renewable power plants as an Independent Power Producer (IPP) and as a service provider to Captive Power Producers (CPPs), according information available on the company's website.

Also Read: KPI Green Energy Q2 Results

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.


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Updated: 16 Nov 2023, 02:25 PM IST
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