Premier Energies hits lifetime high after order win; zooms 181% in one week

Shares of Premier Energies hit their lifetime high at Rs 1,264.90 per share on the BSE, rallying 4.84 per cent in Tuesday’s intraday deals. Premier Energies share price today surged after the company said that it has bagged an order from State Department of Agriculture of Uttar Pradesh worth Rs 215 crore.

The shares of the company were listed on September 3, 2024, and have zoomed 181 per cent from its issue price of Rs 450 per share.

“The company has received an order from Uttar Pradesh Department of Agriculture for the supply, installation, and commissioning with 5 years comprehensive warranty of 8,085 solar water pumping systems across various districts in the state. This project, valued at Rs. 215 Crores, is scheduled for completion by March 2025,” the company said in an exchange filing on Monday. 

This work order falls under component-B of PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan) scheme aimed at ensuring energy security for farmers in India, along with honouring India’s commitment to increase the share of installed capacity of electric power from non-fossil-fuel sources to 40 per cent by 2030 as part of intended nationally determined contributions (INDCs).

Premier Energies is India's second-largest integrated solar cell and module manufacturer, with an annual installed capacity of 2 GW for cells and 3.36 GW for modules. 

It is also prominent in the solar power value chain, offering engineering, procurement, and construction (EPC) solutions, operation and maintenance (O&M) services, and independent power production (IPP). The company operates five manufacturing facilities in Hyderabad, Telangana.

Premier Energies' consolidated revenue from operations during the quarter ended June 30, 2024, stood at Rs 1,657.36 crore and Rs 3,143.80 crore for the financial year 2023-24. As per data available in the Red Herring Prospectus, the Restated Profit attributable to Owners of the company during Q1 FY25 stood at Rs 198.16 crore and Rs 231.36 crore for FY24.

The company has a total market capitalisation of Rs 56,137.19 crore. At 10:45 AM; the share price of the company was trading 3.14 per cent higher at Rs 1,244.35. By comparison, the BSE Sensex was trading 0.12 per cent lower at 81,658 levels.