Premiere Energies Zooms Almost 10% After Bagging Multiple Orders Totalling Over ₹765 Crore

The shares of Premier Energies' rose as much as 10 per cent after its subsidiaries, Premier Energies International Private Ltd. and Premier Energies Photovoltaic Private Ltd., secured several orders totalling Rs 765 crore.

Orders totalling Rs 133 crore for solar cells and Rs 632 crore for solar modules are included in this. According to the electrical equipment manufacturer, these modules and cells will start to be supplied in July 2025. Eight domestic customers and one foreign customer have placed orders.

Share performance

Premier Energies' stock was up 3.49 per cent at Rs 1,146.00 at 01.41 PM on the National Stock Exchange (NSE). The stock has increased by about 38 per cent since it was listed in September, outpacing the Nifty's returns of about 1 per cent during that time.

Exchange filing for power storage project

Premier Energies notified the exchanges earlier on October 8 that it and BN Hybrid Power-1 Private Limited, a Special Purpose Vehicle (SPV) of BrightNight India, had inked a Module Supply Agreement (MSA).

The 300 MW Firm and Dispatchable Renewable Energy (FDRE) energy storage power project in Barmer, Rajasthan, will be powered by 173.35 MWp of solar modules with Topcon technology from Premier Energies as part of the agreement.

According to the company, these modules will begin to be supplied in July 2025.

Premier Energies produces solar panels and integrated solar cells. Cells, solar modules, bifacial modules, EPC solutions, and O&M solutions are among its product offerings. All five of its manufacturing facilities are located in Hyderabad, Telangana.

IPO and listing of premiere energies

Earlier this year, the company's shares were listed on stock exchanges. Premier Energies' initial public offering (IPO) took place between August 27 and August 29.

Through its share sale, which included an offer to sell 3.42 crore shares and a fresh share sale of Rs 1,291.40 crore, the company raised approximately Rs 2,830.40 crore.

Published on: Monday, October 14, 2024, 02:02 PM IST