Orient Green Power zooms 43.9% in two sessions

Orient Green Power Company was locked at 20% upper circuit at Rs 15.93 at 12:14 IST on BSE, with the stock extending yesterday's rally triggered by the company's divestment of subsidiaries.

Meanwhile, the S&P BSE Sensex was up 82.92 points or 0.25% at 33,876.30. The S&P BSE Small-Cap index advanced 0.72%, outperforming the Sensex.

On the BSE, 26.23 lakh shares were traded on the counter so far as against average daily volumes of 2.25 lakh shares in the past one quarter. The stock had hit a high of Rs 15.93 so far during the day, which is a 52-week high. The stock hit a low of Rs 14.10 so far during the day. The stock had hit a 52-week low of Rs 7.90 on 27 June 2017.

The small-cap company has equity capital of Rs 739.80 crore. Face value per share is Rs 10.

Shares of Orient Green Power Company have rallied 43.9% in two trading sessions to its ruling price, from its closing of Rs 11.07 on 2 January 2018 after the company announced after market hours on 2 January 2018 that it has disinvested eight biomass subsidiaries to the subsidiary of a promoter company. The stock had surged by the maximum permissible level of 20% to settle at Rs 13.28 yesterday, 3 January 2018.

Orient Green Power Company had disinvested eight biomass subsidiaries to Janati Bio Power, subsidiary of SVL, which is a promoter company with effect from 31 December 2017. The total consideration received from such sale is Rs 49 crore. The transaction is a related party transaction at arm's length basis.

On a consolidated basis, Orient Green Power Company's net profit fell 47.2% to Rs 43.50 crore on 16.9% decline in net sales to Rs 139.31 crore in Q2 September 2017 over Q2 September 2016.

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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