HG Infra Jumps over 6% on signing MoU with Ultra Vibrant Solar Energy

“H.G. Infra Engineering Limited has entered into a Memorandum of Understanding dated July 08, 2024, with Ultra Vibrant Solar Energy Private Limited for acquiring shares or voting rights in the project companies by way of incorporating new companies or by taking shares of the existing company for the execution of the solar power plants project,” the company said in an exchange filing.

The company further informed that Ultra Vibrant Solar Energy has been awarded the new solar projects from Jodhpur Vidyut Vitran Nigam (JDVVNL) for 83.02 MW (AC), which is proposed to be taken over by the company.

Last month, HG Infra made a fresh all-time high after incorporating six subsidiaries to carry out the solar power business. The subsidiaries were H.G. Kapuriya, H.G. Jetpur, H.G. Bhada, H.G. Surnana, H.G. Peelwa and H.G. Jakhan.

The company reported a net profit of ₹159.96 crore in the quarter ended March 2024 up 8.31% YoY from ₹147.69 crore in the year ago period. Revenue stood at ₹1,634.51 crore up 11.22% from ₹1,469.62 crore in the same period.

The shares were trading 2% higher at ₹1719.95 at 10:30 AM. The stock has jumped nearly 100% in the last six months outperforming the benchmark Nifty 50’s 13% growth.