Orient Green jumps on pact with IL&FS

Orient Green Power Company rose 3.68% to Rs 10.14 at 14:17 IST on BSE after the company extended exclusivity pact with IL&FS for merger of wind businesses.

The announcement was made during trading hours today, 13 April 2017.

Meanwhile, the S&P BSE Sensex was down 108.14 points, or 0.36% to 29,535.34.

On the BSE, 1.11 lakh shares were traded in the counter so far, compared with average daily volumes of 1.38 lakh shares in the past one quarter. The stock had hit a high of Rs 10.44 and a low of Rs 9.71 so far during the day. The stock hit a 52-week high of Rs 12.89 on 21 April 2016. The stock hit a record low of Rs 7.84 on 9 November 2016.

The stock had underperformed the market over the past one month till 12 April 2017, falling 2.30% compared with 0.68% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 1.61% as against Sensex's 8.79% rise.

The small-cap renewable energy power producer has equity capital of Rs 739.80 crore. Face value per share is Rs 10.

Earlier on 19 January 2017, Orient Green Power Company (OGPL) announced that its board of directors approved entering into exclusive discussions with IL&FS Wind Energy to evaluate a potential merger of the wind energy generation businesses of both entities. Both companies had entered into a non-binding agreement with an exclusivity period of 90 days.

OGPL announced that its board approved further extension of the exclusivity period of the confidentiality and exclusivity agreement as mutually agreed by both the parties earlier.

On a consolidated basis, Orient Green Power Company reported net loss of Rs 69.52 crore in Q3 December 2016 as against net loss of Rs 102.48 crore in Q3 December 2015. Net sales rose 41.11% to Rs 66.11 crore in Q3 December 2016 over Q3 December 2015.

Orient Green Power Company is an independent operator and developer of renewable energy power plants in India. Currently, its portfolio includes biomass, biogas, wind energy and small hydroelectric projects at various stages of development.

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