Orient Green Power jumps over 7% in two sessions

Orient Green Power Company rose 3.35% to Rs 10.50 at 14:57 IST on BSE, stretching previous session's gain triggered by the company extending exclusivity pact with IL&FS for merger of wind businesses.

Meanwhile, the S&P BSE Sensex was down 44.83 points, or 0.15% to 29,416.62.

On the BSE, 9 lakh shares were traded in the counter so far, compared with average daily volumes of 1.39 lakh shares in the past one quarter. The stock had hit a high of Rs 11.70 and a low of Rs 10.14 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 outperformed the market over the past one month till 13 April 2017, rising 2.73% compared with 0.22% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 2.42% as against Sensex's 8.16% rise.

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

Shares of Orient Green Power Company (OGPL) rose 3.89% to end at Rs 10.16 on Thursday, 13 April 2017. The stock market was shut on Friday, 14 April 2017, on account of public holiday. The stock has risen 7.36% in two sessions from its close of Rs 9.78 on 12 April 2017.

Earlier on 19 January 2017, 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 during trading hours on Thursday, 13 April 2017, 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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