Premier Energies share price rises nearly 10%; here is why

The stock settled 9.6% higher at ₹1,179 apiece on the NSE. The company's market capitalisation stands at ₹53,146.30.

On the BSE, shares closed at ₹1,178.2 a unit, reflecting a gain of 9.7%.

Premier Energies arms win orders worth ₹560 crore

This development comes after Premier Energies recently announced that its subsidiaries Premier Energies International Private Ltd (PEIPL) and Premier Energies Photovoltaic Pvt Ltd (PEPPL) have secured multiple orders worth ₹560 crore from two independent power producers and others.

These orders include ₹47 crore for solar cells and ₹513 crore for solar modules, the company said in an exchange filing.

The delivery of modules and cells is scheduled to take place from December 2024 to May 2025.

On October 14, PEIPL and PEPPL received orders worth ₹765 crore from multiple clients. "These orders comprise ₹632 crore for solar modules and ₹133 crore for solar cells," the company had said.

Before that, PEIPL had entered into a module supply agreement (MSA) with BrightNight India's BN Hybrid Power-1 Pvt Ltd to supply 173.35 MWp of solar modules with the latest Topcon technology for their 300 MW FDRE (Wind, Solar, and Energy Storage) Power Project in Barmer, Rajasthan.

Premier Energies shares made their market debut in September at ₹990, a 120% premium to the issue price of ₹450. The stock is currently up 155.2% against the issue price.

The ₹2,830 crore IPO, which was subscribed 74.09 times, was a fresh issue of shares worth ₹1,291.4 crore and an offer-for-sale of 3,42,00,000 shares.

Premier Energies manufactures solar PV cells and modules and sells them according to customers' requirements. Some of its clients are TATA Power Solar Systems, Continuum, Panasonic, Shakti Pumps, Bluepine Energies, Luminous, First Energy, Hartek, Madhav Infra Projects, and Green Infra Wind Energy.