Here's why Diamond Power Infra shares hit 5% upper circuit on Monday

The northward movement in Diamond Power Infrastructure's share price came on the back of news that the company has received a letter of intent worth ₹214.65 crore from Adani Green Energy

Shares of electrical equipment maker and other integrated solutions provider company, Diamond Power Infrastructure, climbed 5 per cent to hit the upper circuit of ₹98.96 per share on the National Stock Exchange (NSE) during intra-day trading on Monday, March 24, 2025. A total of nearly 0.26 million equity shares of the company, estimated to be worth around ₹2.44 crore, exchanged hands on the NSE and BSE. Trading of the stock has been halted for the day on the exchanges.

 

The northward movement in Diamond Power Infrastructure's share price came on the back of news that the company has received a letter of intent (LoA) worth ₹214.65 crore from Adani Green Energy.

 

"Our company has received a letter of intent from Adani Green Energy Limited worth ₹214,65,28,200/- for the supply of conductors for the Khavda Power Project, Gujarat," Diamond Power Infrastructure said in an exchange filing on the NSE.

 

Primarily established as a conductor manufacturer in 1970, Diamond Power Infrastructure is an integrated solutions provider in the Power T&D space in India. The company was acquired through the NCLT process by GSEC-Monarch Group. DPIL’s business operations span across India with a large manufacturing plant at Vadodara measuring. The company provides turnkey services in T&D, manufacturing power cables up to 550KV, power and distribution transformers up to 220KV, transmission and distribution conductors up to 765KV, and transmission towers.

 

The company has a market capitalisation of ₹5,214.91 crore on the NSE.

 

Diamond Power Infrastructure shares have yielded a return of nearly 93 per cent in the last year. However, for the year-to-date, the company's shares have posted a decline of nearly 36 percent.

 

The company's shares reached their 52-week high of ₹190 per share on the NSE on October 18, 2024, and fell to their 52-week low of ₹49.20 apiece on March 21, 2024.