Here's why ACME Solar Holdings share price rose 3% in trade on December 24

ACME Solar Holdings Share Price Today: Shares of green energy-based power generation company ACME Solar Holdings were ruling higher on the bourses on Wednesday, December 24, after the company announced the incorporation of a subsidiary and bagging a Letter of Award (LoA) for a renewable energy project. Following the news the company's stock price advanced 2.73 per cent to log an intra-day high of ₹242.40 per share on the NSE.

 

The counter, though, has pared the gains partially, yet continues to see buying interest from investors. At 11:02 AM, ACME Solar stock was quoting at ₹239.36 higher by nearly 1.5 per cent from the previous close of ₹235.94 on the NSE. Meanwhile, the benchmark NSE Nifty50 was trading at 26,202, up 25 points or 0.10 per cent.  FOLLOW STOCK MARKET LIVE UPDATES

  So far during the day, a combined total of 0.57 million equity shares of ACME Solar, estimated to be valued at around ₹13 crore, changed hands on the NSE and BSE.

 

The company’s shares have a 52-week range of ₹324.30–₹167.75 on the NSE. As of December 24, ACME Solar Holdings’ market capitalisation stood at ₹14,443.94 crore on the NSE.

Here’s why ACME Solar shares were ruling higher on Wednesday:

The northward movement in the ACME Solar Holdings share price came after the company announced that it has incorporated a wholly owned subsidiary (WOS), ACME Greentech Sixteen Private Limited.

 

"ACME Greentech Sixteen Private Limited has been incorporated with an objective to undertake businesses relating to the development, establishment and operation of power generation and renewable energy projects," the company said in an exchange filing.  ALSO READ | IT stocks fall as US judge upholds $100k H-1B fee; check details 

ACME Solar Holdings has also informed the exchanges that the company has been awarded a Letter of Award (LoA) for a 130 MW Renewable Energy Round-the-Clock power project by REMC Limited. According to the exchange filing, the applicable tariff is ₹4.35 per unit for the entire duration of the project for 25 years.