Here's why CESC stock price jumped over 3% on August 21; details here

CESC shares rise: Shares of CESC gained as much as 3.45 per cent to hit an intraday high of Rs 182.90 per share on Wednesday, August 21, 2024.

The shares of CESC rose after the company announced that its subsidiary, Purvah Green Power Private Limited has incorporated a Wholly Owned Subsidiary (WOS) company, Ecofusion Power Private Limited.

In an exchange filing, CESC said, “It is hereby informed that Purvah Green Power Private Limited, a Subsidiary of the Company has incorporated a Wholly Owned Subsidiary Company named Ecofusion Power Private Limited on August 19, 2024.”

Incorporated in 1978, CESC Ltd is a leading player in the generation and distribution of electricity. As a flagship company of the RP-Sanjiv Goenka Group, CESC is India's first fully integrated electrical utility with private participation in all facets of power—generation, transmission, and distribution. 

The company operates primarily in Kolkata, Hooghly, Howrah, and North and South 24 Parganas in West Bengal, serving approximately 3.4 million consumers across domestic, industrial, and commercial sectors. 

In addition to its core operations, CESC, through its subsidiaries, manages independent power generation projects and distribution ventures throughout India. 

Its transmission and distribution (T&D) business spans Kolkata, Greater Noida, Rajasthan, and Chandigarh. The company boasts a 2.1-GW thermal power capacity based in West Bengal, which includes the Budge Budge Generating Station (750 MW) and the Southern Generating Station (135 MW). It also operates the Haldia Thermal Plant, a 600 MW facility in Haldia. 

Together with its embedded generating stations and additional power from Haldia and Asansol, CESC meets about 90 per cent of its customers' electricity needs, with the remainder procured from other sources. Around 30 per cent of the coal required for generation at Budge Budge is sourced from captive mines. CESC is also expanding its presence in renewable energy with solar power plants in Gujarat and Tamil Nadu, totaling a capacity of 27 MW.

The market capitalisation of CESC is Rs 24,357.36 crore, according to Bombay Stock Exchange (BSE). The company falls under BSE 500 category. 

At 10:36 AM, shares of CESC were trading 3.68 per cent higher at Rs 183.30 per share. In comparison, BSE Sensex was trading 0.04 per cent higher at 80,839.17 levels.