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Premier Energies stock rises 18% after a major order win, attracting investors like Blackrock, pushing it 164% above the IPO price, and boosting India's renewable energy goals.
Premier Energies, India's second-largest integrated solar cell and module manufacturer, has seen its stock soar 18% after securing a significant Rs 215-crore order. This surge comes on the heels of its impressive 120% jump over the IPO price on September 3, 2024. The company’s stock reached a new high of Rs 1,188 on September 6, shortly after the order win for 8,085 solar water pumping systems in Uttar Pradesh. The project, set to be completed by March 2025, includes a 5-year comprehensive warranty.
This order is part of the government’s PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan) scheme, aimed at enhancing energy security for farmers and increasing the country's non-fossil fuel power capacity to 40% by 2030. Premier Energies’ role in this initiative underscores its position in India’s renewable energy landscape.
The company’s rapid growth has attracted major global investors, including Blackrock, and Abu Dhabi Investment Authority, who participated in its Rs 846.12 crore anchor book. With an annual installed capacity of 2 GW for solar cells and 3.36 GW for solar modules, Premier Energies continues to be a key player in the renewable energy sector.
With its strong performance and strategic projects, Premier Energies is firmly establishing itself as a leader in India's green energy market.
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This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
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