Solar penny stock skyrockets 16% after receiving ₹245 Cr order for 53-MW solar power project

The shares of a metals and mining company, which manufactures copper products and alloys and also produces solar, telecom, and real estate products, surged by 16 percent today following the announcement that it had secured a 53 MW solar power project valued at Rs 245 Crores.

Share Price Movement

The shares of Bhagyanagar India Ltd, with a total market capitalization of Rs 263.96 Crores, reached an intraday high of Rs 88.39 per share gaining around 16 percent on Tuesday’s trade. As of 2:00 pm, the shares retreated from their day’s high and were trading at Rs 83.2 per share which was 9 percent higher than the previous closing price of Rs 76.2. 

The shares of Bhagyanagar India Ltd generated a three year return of 87 percent, and an impressive return of 335 percent in the past five years. 

About the Order

As per a press release dated February 25, 2025, Bhagyanagar India Limited has received a Letter of Award for a 53 MW solar power project in Maharashtra. This project is part of a government initiative called the “Mukhyamantri Saur Krushi Vahini Yojana 2.0,” which aims to implement solar power systems at the feeder level under the PM-KUSUM scheme.

The company received the project from Maharashtra State Electricity Distribution Company Limited , which is a Government of Maharashtra undertaking  with an estimated project cost of Rs 245 Crores.  

The tariff for the solar power is Rs. 3.09 per KWh, with a subsidy of Rs. 1.05 Crore per MW from the Government of India. The project must be completed within 18 months of receiving the LOA and the contract will last for 25 years after the project is commissioned.

Also read: Stock under ₹100 hits 5% upper circuit after receiving order for MBB airport in Tripura

Financials 

The company reported a 17.89 percent YoY increase in Revenue from operations from Rs 334.6 Crores in Q3FY24 to Rs 394.5 Crores in Q3FY25. Their Net Profits also increased with a YoY growth of 44.6 percent from Rs 2.76 Crores to Rs 3.99 Crores over the same period. 

Previous Order

As per a press release dated February 6, 2025, Bhagyanagar India Limited has received 11 Letters of Awards for the development of a total 65.7 MW solar power project that involves setting up grid connected Solar Power Plants in Uttar Pradesh. The company received the project from Uttar Pradesh New and Renewable Energy Development Agency with an estimated project cost of Rs 230 Crores. 

About Bhagyanagar India Ltd

Bhagyanagar India Ltd is among the oldest and largest companies producing copper products in India. It provides various copper products like copper bus bars, copper wires and rods, copper foils/sheets, paper insulated copper conductor, copper tubes and pipes, etc. Over the years, the company has diversified into Telecom products, Solar products and Real Estate. 

Written By Adhvaitha Nayani 

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