Surana Telecom and Power shares surge 8% after securing ₹190 crore solar power order
Surana Telecom and Power shares rose 8% to ₹25.80 after winning a ₹190 crore order for 54 MW solar power stations from Maharashtra State Electricity Distribution.
Shares of Surana Telecom and Power popped up 8% in today's trade, January 17, to ₹25.80 apiece after the company secured a significant order from Maharashtra State Electricity Distribution. The company, in today’s regulatory filing, informed investors that it had received a Letter of Award (‘LOA’) for solar photovoltaic power-generating stations with an aggregate capacity of 54 MW (AC), worth ₹190 crore.
This order value is equal to 55% of the company's market capitalisation of ₹342 crore. The project is to be executed within 18 months from the Letter of Award (LOA), with an operation and maintenance period of 25 years from the Commercial Operation Date (COD), as per the company's regulatory filing.
"Surana Telecom and Power has been awarded a Letter of Award (‘LOA’) as a Solar Power Developer (SPD) for solar photovoltaic power-generating stations with an aggregate capacity of 54 MW (AC) under the Mukhyamantri Saur Krushi Vahini Yojana 2.0, a scheme launched for the implementation of feeder-level solarization under Component C of the PM-KUSUM Scheme, from Maharashtra State Electricity Distribution Co. Ltd. (A Government of Maharashtra Undertaking)," the company said in today’s regulatory filing.
The electricity tariff for the project is ₹3.09 per kWh/INR, with a subsidy of ₹1.05 crore per MW.
Stock up 194% since April 2023
The company's shares have delivered stellar returns to shareholders, gaining sharply in recent months. They have moved from ₹8.40 apiece in April 2023 to the current value of ₹25, resulting in a massive gain of 194%.
For long-term investors, the stock has performed even better, with a gain of 523% over the last five years. Notably, the stock has closed each calendar year with positive returns since CY20.
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