Here's why Bhageria Industries shares gained 5% on October 16; details

Bhageria Industries shares rose after it announced securing an award from MSEDCL, for Solar power developer (SPD) for Solar Photovoltaic power generating stations

Bhageria Industries in focus: Shares of Bhageria Industries were buzzing in trade on Wednesday, October 16, 2024. The stock surged up to 4.98 per cent to hit an intraday high of Rs 226.45 per share. 

The uptick in Bhageria Industries share price came after the company announced that it has secured a letter of award (LoA) from Maharashtra State Electricity Distribution, for Solar power developer (SPD) for Solar Photovoltaic power generating stations of an aggregate capacity of 32 MW(AC) under Mukhyamantri Saur Krushi Vahini Yojana 2.0.

In an exchange filing, Bhageria Industries said, “We would like to inform you that the Company, in normal course of business, received a Letter of Award (LoA) for Solar power developer (SPD) for Solar Photovoltaic power generating stations of an aggregate capacity of 32 MW(AC) under Mukhyamantri Saur Krushi Vahini Yojana 2.0- a scheme launched for implementation of feeder level Solarisation under Component C of PMKUSUM Scheme.”

Under the terms of the order, Bhageria Industries will be responsible for the generation of power. 

Additionally, Maharashtra State Electricity Distribution Company Limited (MSEDCL) shall purchase the power generated from the project for 25 years from the scheduled Commercial operation date.

Bhageria Industries Limited is an Indian chemical manufacturing company established in 1989, specialising in the production of dyes, chemicals, and dye intermediates. 

Its product lineup includes vinyl sulphone, H-acid, and gamma acid, which serve a diverse range of industries such as electronics, information technology, food, textiles, leather, paints and coatings, construction, infrastructure, and healthcare. 

With a strong export footprint, the company supplies its products to markets in Korea, Japan, Taiwan, China, Indonesia, Thailand, the United States, Europe, and Africa. 

In addition to its chemical manufacturing operations, Bhageria Industries is committed to sustainability, generating solar power through a 39 MWdc solar plant in Ahmednagar, Maharashtra, and a 4.78 MW solar rooftop project in Chennai. 

The company maintains manufacturing facilities in Gujarat and Maharashtra.

The market capitalisation of Bhageria Industries is Rs 980 crore, according to BSE. 

At 11:10 AM, share of Bhageria Industries was trading 4.10 per cent higher at 224.55. In comparison, BSE Sensex was trading 0.10 per cent lower at 81,738.44 levels.