HG Infra Engineering shares soar 13% after subsidiary sets up solar power unit

The infrastructure company informed the stock exchanges that its subsidiary HG Solar Projects Private Ltd has incorporated a wholly-owned subsidiary, HG Jaipur Solar Project Private Ltd. The new entity will operate in the solar power industry.

The new company has been established to carry out businesses in the field of solar power. The newly formed company is a 100% subsidiary of HG Solar Projects, HG Infra Engineering informed the stock exchanges.

HG Infra Engineering has stated that the cost of acquisition includes an initial subscription to the share capital of ₹1 lakh divided into 10,000 equity shares of ₹10 each.

Shares of HG Infra Engineering gained as much as 12.83% to hit a fresh 52 week high of ₹1,770.9 per piece on the NSE. However the stock pared some of its early gains to trade 12% higher at ₹1,757 apiece at 2:30 pm.

The construction engineering firm’s shares have performed exceptionally well over short term as well as long term periods.

So far in the calendar year 2024, HG Infra Engineering’s shares have reported extraordinary triple-digit gains, skyrocketing nearly 110% on a year-to-date (YTD) basis, while rising sharply by 95% in the last three months.

Over shorter periods too, the stock can be seen performing with stellar gains despite the recent volatility across the overall domestic market. In a month’s period, the infrastructure stock has grown 50% and is up almost 35% the last one week.

In the last one year, the stock has gained nearly 93%. However, shareholders who have held the stock for a longer term of almost three years can be seen reaping the most profitable returns as shares of HG Infra Engineering increased 340% during this period.

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