Premier Energies wins first order post listing, stock up 17%

Shares of Premier Energies rose 17% in the after noon session today after the electrical equipment firm said it won an order worth Rs 215 crore for solar water pumping systems from the Uttar Pradesh government. The stock rose 17% to Rs 984 against the previous close of Rs 842.20 on BSE. With the  current rally, Premier Energies stock has gained 119 per cent from its issue price of Rs 450. 

Around 19.49 lakh shares changed hands amounting to a turnover of Rs 180.14 on BSE today. Market capitalisation (m-cap) of the firm rose to Rs 43,950 crore.

"We would like to inform that the Company has received 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," said the firm in a communication to bourses. 

"This initiative 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% by 2030 as part of Intended Nationally Determined Contributions (INDCs)," it added. 

The initial public offering (IPO) of Premier Energies was open from August 27 to August 29. The company raised about Rs 2,830.40 crore through its share sale, which included a fresh share sale of Rs 1,291.40 crore and an offer for sale of 3.42 crore shares.

Premier Energies manufactures integrated solar cells and solar panels. Its product portfolio includes cell, solar modules, bifacial modules, EPC solutions and O&M solutions. It has five manufacturing units, all of which are situated in Hyderabad, Telangana.