The order received from the state is for the supply of 8,085 solar water pumping systems across various districts in the state and is scheduled for completion by March 2025.
“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.
This initiative falls under the 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).
The shares of Premier Energies had tumbled 15% to close at Rs 839.65 on BSE, a day after the stock made a stellar debut of 120% premium at a listing price of Rs 990 on NSE and Rs 991 on BSE.Ahead of its debut, the company’s shares traded at a premium of over 100% in the unlisted market.Also read: Bajaj Housing Finance IPO opens with robust GMP. Should you bid for Rs 6,560 crore issue?
The IPO of Premier Energies received a robust response from investors, with a subscription rate of 74 times at close, driven by substantial bidding from non-institutional investors.
This exceptional listing performance aligned with the pre-listing hype, fueled by the company’s strong fundamentals, robust investor response, and favorable market conditions.
The company’s diversified customer base, robust order book, and recent surge in profitability have contributed to this positive sentiment.
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