Following many orders worth Rs 560 crore being obtained by its subsidiaries, Premier Energies surged 7.8% to an intraday high of Rs 1,160. Premier Energies International and Premier Energies Photovoltaic, the company’s wholly-owned subsidiaries, were awarded numerous orders by two sizable independent power producers.
The subsidiaries of Premier Energies Limited, Premier Energies International Private Ltd., and Premier Energies Photovoltaic Private Ltd., have received and accepted orders totaling Rs 560 crore from two major Independent Power Producers (IPPs) and other parties. These purchases total Rs 47 crore for solar cells and Rs 513 crore for solar modules. The business stated that the supply of these modules would start in December 2024.
The business most recently hit the D-Street in September 2024. The NSE listed the firm for Rs 990, which was 120% more than the offering price. At the company’s first public offering (IPO), 75 times as many shares were subscribed for as were available. In the gray market, the company’s equities were also selling for 108% more. In this unauthorized location, shares are traded illegally before they are listed. It raised Rs 2,830.40 crore by issuing new shares and offering to sell them. August 27 marked the start of the IPO, which ended on August 29. The stock has increased by 158% from the IPO’s upper price range.
Over the last five trading sessions, Premier Energies has provided a 19% return. The company’s stock has increased by 15% in the past month and by nearly 37% since it was listed. In contrast, during the past five days, the benchmark index, the Nifty 50, has decreased by 1.3%. Since September 3, 2024, the index has dropped by over 5% and by 3% in the last month.
