Synopsis
Premier Energies Share Price: Premier Energies’ Shares Jump 41% on Rs 215 Crore Solar Project Win.
The company’s stock has rallied after securing a significant contract for solar water pumping systems in Uttar Pradesh. The project, part of the PM-KUSUM scheme, is set to be completed by March 2025. Premier Energies’ IPO has also seen strong investor interest, with shares debuting at a premium.
Premier Energies share price: The counter saw high trading volume today
Premier Energies’ Stock Sees Dazzling 181% Rise Since IPO Debut. The company’s shares have witnessed a phenomenal surge, skyrocketing from their initial public offering price of Rs 450 to a new all-time high of Rs 1,264.90 on the BSE.
This remarkable growth is driven by investor optimism about the company’s future prospects. Since listing on September 3, 2024, the stock has consistently demonstrated upward momentum, with a brief intraday dip to Rs 1,145.70 due to profit booking. This impressive performance underscores the market’s confidence in Premier Energies’ growth potential.
“Premier Energies’ Momentum Builds with Rs 215 Crore Solar Order.
The company’s winning streak continues, fueled by a significant contract win from the Uttar Pradesh Department of Agriculture. Valued at Rs 215 crore, the order involves supplying 8,085 solar-powered water pumping systems across multiple districts in the state. With a deadline for completion set for March 2025, this project is poised to further boost Premier Energies’ growth trajectory and reinforce its position as a leading player in the renewable energy sector.
The company’s shares have been on a tear, surging to a high of Rs 1,190.25 on the BSE on Monday, following the announcement of a significant Rs 215 crore contract from the Uttar Pradesh Department of Agriculture. This substantial gain marks a remarkable rally for the newly-listed company, reflecting investor enthusiasm and confidence in its future prospects.
“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 company in a filing to the exchanges.
Investor optimism surrounding Premier Energies has received an additional boost, courtesy of the Ministry of New and Renewable Energy’s (MNRE) recently unveiled draft norms. These guidelines, which come into effect in April 2026, are expected to have a positive impact on the company’s future growth. By establishing an Approved List of Models and Manufacturers (ALMM) for solar cells, the MNRE aims to promote quality and reliability in the industry, potentially benefiting Premier Energies in the long run.
Share price as on 10/09/2024, 15:30, via: Groww
The company’s impressive growth potential has caught the eyes of heavyweight investors, including Blackrock, Nomura, and Abu Dhabi Investment Authority, among others. These prominent names actively participated in Premier Energies’ IPO anchor book, injecting significant capital and further propelling its stock price surge after listing. The involvement of esteemed investors like Morgan Stanley, HDFC Mutual Fund, ICICI Mutual Fund, and PNB Paribas underscores the market’s confidence in Premier Energies’ future success.
The company’s shares were in high demand, commanding a staggering 100% premium in the unlisted market before its debut. This enthusiasm carried over to its IPO, which saw an overwhelming response from investors, with bids pouring in at a remarkable rate of 74 times the available shares. Notably, non-institutional investors drove much of this demand, reflecting strong confidence in Premier Energies’ future prospects.
The company’s financials for the quarter ended June 30, 2024, reveal a robust consolidated revenue from operations of Rs 1,657.36 crore. This marks a strong start to the financial year 2024-25. Additionally, Premier Energies reported a consolidated revenue of Rs 3,143.80 crore for the entire financial year 2023-24. The company’s profitability is also noteworthy, with a restated profit attributable to owners of Rs 198.16 crore in Q1 FY25 and Rs 231.36 crore for FY24, as per the Red Herring Prospectus.
The company’s shares continue to shine, gaining 3.14% to reach Rs 1,244.35 as of 10:45 AM. This upward momentum stands out amidst a relatively flat market, with the BSE Sensex slipping 0.12% to 81,658 levels. Premier Energies’ impressive market capitalization of over Rs 56,000 crore underscores its significant presence in the industry.”
Technically, support on the counter could be seen in the Rs 1,100-995 zone. “After a stellar listing, Premier Energies looked very overvalued at the current market price. Investors should be booking profits at current levels as a daily close below support of Rs 995 could lead to a downward target of Rs 800-576 in the coming weeks,” said SEBI-registered research analyst AR Ramachandran.
“Premier Energies: A Pioneer in Solar Energy SolutionsSince its inception in April 1995,
Premier Energies has established itself as a leading manufacturer of comprehensive solar energy solutions. The company’s diverse product range includes solar cells, panels, bifacial modules, and end-to-end services like EPC (Engineering, Procurement, and Construction) and O&M (Operations and Maintenance). With all five of its state-of-the-art manufacturing facilities strategically located in Hyderabad, Telangana, Premier Energies is well-positioned to meet the growing demand for renewable energy solutions.”
(Disclaimer: The views and opinions provided by us are our own. This blog is just for educational purposes only . Please do your own research before investing.)
