MARKET RESPONDS 

Premier Energies' shares rose 18.3% to ₹1,188.90, continuing a bullish streak for the third trading session.

The stock debuted with a 120% premium on September 3 and has since risen 164% from its IPO price of ₹450.

The company secured a ₹215 crore order to supply and install 8,085 solar water pumping systems for Uttar Pradesh's Department of Agriculture.

The project falls under the PM-KUSUM scheme, aimed at improving energy security for farmers and increasing non-fossil-fuel power capacity.

Premier Energies' IPO, valued at ₹2,830.40 crore, was oversubscribed 75 times, with a price band of ₹427 to ₹450 per share.

Premier Energies is India’s second-largest integrated solar cell and module manufacturer, with a 2 GW solar cell and 3.36 GW module capacity.

The company’s activities include solar PV cell and module production, custom panels, EPC projects, and O&M services.

The IPO proceeds will help Premier Energies enhance production with 4 GW TOPCon solar cell and 4 GW TOPCon solar module lines.

India's solar module capacity expanded from 4.2 GW in fiscal 2017 to 60 GW in fiscal 2024, with projections to exceed 100 GW by fiscal 2028.

The growth is driven by government renewable energy targets and rising clean energy demand.