Premier Energies Rises on Rs 3,011 Cr Order Haul

Premier Energies hit a day’s high of Rs 1,044 on NSE after disclosing fresh solar orders worth Rs 3,011 crore for the June quarter.

The orders cover the supply of 1,846 MW of solar cells and modules. Deliveries will be spread across this financial year and the next, so the revenue from this order book won’t come in all at once.

Buyers include a mix of power producers, module manufacturers and EPC companies, rather than a single large client.

Chiranjeevi Saluja, the company’s managing director, said the fresh orders reflect the leadership position built by Premier Energies.

He pointed to rising solar demand and the government’s Make in India push as tailwinds behind the growth. There’s also a policy angle worth knowing.

A rule called ALMM-2 now requires solar projects commissioned from 1 June this year to use listed, India-made solar cells.

That’s expected to cut down on imports and work in favour of domestic manufacturers like Premier Energies going forward. The company has also been busy on the capacity front.

Module manufacturing capacity has already been scaled up to 11.1 GW from 5.5 GW earlier, and solar cell capacity is set to more than double to 10.6 GW by September this year, up from 3.6 GW.

The stock hasn’t had the smoothest month. It’s down 4.27% over the past 30 days, even though it remains up over 22% for the year so far. By 13:17 pm, Premier Energies was trading at Rs 1,034.00 on NSE, up 1.09%, or Rs 11.10, from Monday’s close of Rs 1,022.90.

The future of investing is here! Tradz by EquityPandit leverages advanced AI technology to provide you with powerful market predictions and actionable stock scans. Download the app today and 10x your trading & investing journey!

The post Premier Energies Rises on Rs 3,011 Cr Order Haul appeared first on Equitypandit.