KPI Green shares gain as firm receives credit facility for solar project in Gujarat
KPI Green shares gain as firm receives credit facility for solar project in Gujarat
Shares of KPI Green Energy Ltd rallied nearly 3% today after the company received a sanction letter for credit facilities amounting to Rs 686 crore for the development of a 200 MWAC (240 MWDC) solar photovoltaic power project in Khavda, Gujarat. KPI Green Energy stock climbed 2.90% to Rs 1770 on June 28, 2024. The power stock opened higher at Rs 1754 against the previous close of Rs 1718.70 on BSE. KPI Green Energy shares have gained 86% in 2024 and risen 224% in a year. The stock has climbed 697% in two years.
A total of 1027 lakh shares of the firm changed hands, amounting to a turnover of Rs 18.07 crore on BSE. Market cap of the company stood at Rs 10,652 crore on BSE.
The stock hit a record high of Rs 2109.25 on April 25, 2024 and a 52-week low of Rs 496.62 on August 2, 2023.
In terms of technicals, the relative strength index (RSI) of KPI Green Energy stands at 40.6, signaling it's trading neither in the overbought nor in the oversold zone. The stock is trading lower than the 10 day, 20 day, 30 day, 50 day but higher than the 100 day, 150 day and 200 day moving averages.
KPI Green Energy said, "This project will significantly enhance our renewable energy portfolio, supporting our dedication to providing the nation with environmentally friendly and sustainable energy. It will reinforce and expedite our efforts to reach our ambitious goal of 1000 MWp capacity by 2025."
“We are delighted to inform you that the company has received a final sanction letter for credit facilities amounting to Rs. 686 Crores for the development of a 200 MWAC (240 MWDC) Solar Photovoltaic Power Project (‘Project’) in Khavda, Kutch District. Further, the company had earlier raised Rs. 300 Crores through a Qualified Institutional Placement (QIP), of which Rs. 225 Crores has been used to partially fund the Project. This financial assistance will play a crucial role in developing the project, with the goal of completing it within the stipulated timeframe,” said the power generation firm.
KPI Green Energy is a solar power generating company focused on providing solar power both as an Independent Power Producer (IPP) under the brand name of `Solarism' and as service provider to Captive Power Producer (CPP) customers.
Watch Live TV in English
Watch Live TV in Hindi