Moser Baer jumps as subsidiary commissions a solar farm

Moser Baer India was locked at 5% upper circuit at Rs 8.33 at 11:12 IST on BSE after the company said its subsidiary has etched a new landmark by commissioning a 32.3 megawatts solar farm in a record time of 39 days.

The announcement was made after market hours on Tuesday, 17 June 2014.

Meanwhile, the S&P BSE Sensex was up 12.84 points or 0.05% at 25,534.03.

On BSE, so far 4.87 lakh shares were traded in the counter as against average daily volume of 3.92 lakh shares in the past one quarter.

The stock hit a low of Rs 8.21 so far during the day. The stock had hit a 52-week high of Rs 9.25 on 12 June 2014. The stock had hit a record low of Rs 2.34 on 6 August 2013.

The stock had outperformed the market over the past one month till 17 June 2014, surging 99.5% compared with the Sensex's 5.8% rise. The scrip had also outperformed the market in past one quarter, jumping 142.81% as against Sensex's 17.02% rise.

The small-cap firm has equity capital of Rs 208.31 crore. Face value per share is Rs 10.

Moser Baer India's subsidiary Moser Baer Solar (MBSL), etched a new landmark by commissioning a 32.3 megawatts (MW) solar farm in a record time of 39 days operating at an optimum generation efficiencies from the day 1 of its operations, Moser Baer said. The projects commissioned over 225 acres of land had multiple sub-contractors working round the clock to ensure timely completion of the project including getting it grid connected, the company said. The focus for the team management was to avoid wastage, enormous coordication, speed and managing the installation like an assembly line operation to ensure timely completion of the project with precision planning, Moser Baer said in a statement.

Speaking on the occasion, K. N. Subramaniam, CEO, Moser Baer Solar said, "The challenges were multifold like designing the solar farm as per the best irradiation level of the area movement of modules to the site in a short time, managing logistics, identifying right manpower and training them, connecting to the grid among others. What made it particularly challenging, the project was to be completed within 40 days! Our in-house designing experts and their understanding of the solar business helped us to commission the solar farm in less than the specified time. This experience sets a new benchmark in solar EPC and should augur well for the Indian players".

Moser Baer India reported a net loss of Rs 174.52 crore in the quarter ended 31 March 2014, higher than net loss of Rs 108.47 crore in the quarter ended 31 March 2013. Net sales declined 7.1% to Rs 262.11 crore in the quarter ended 31 March 2014 over quarter ended 31 March 2013.

Moser Baer India is a leading global tech-manufacturing company. The company is one of the world's largest manufacturers of optical storage media like CDs and DVDs.

Powered by Capital Market - Live News