This Ace Investor Ashish Kacholia stock specialising in infrastructure development, including construction of residential, commercial, and industrial projects, hit 5 percent upper circuit upon receiving a work order from Karnataka Renewable Energy Development Limited and PLI from SECI to set up 200MW capacity .
Price action
With a market capitalization of Rs. 1,607.40 crores on Monday, the shares of Advait Energy Transitions Limited hit 5 percent upper circuit, making a high of Rs. 1488.25 per share compared to its previous closing price of Rs. 1,417.40 per share.
What Happened
The stock rose after Advait Energy Transitions Limited (formerly Advait Infratech) specialised in infrastructure development, including the construction of residential, commercial, and industrial projects received a domestic work order from Karnataka Renewable Energy Development Limited.
The order is to design, develop, deploy, and maintain a web-based online portal and mobile application for the implementation of 40,000 No.s off-grid or stand-alone solar pumps under the PM KUSUM Component ‘B’ scheme in the State of Karnataka.
This includes integration with SCADA software, cloud services, payment, and SMS gateways, the configuration of RMS devices, and the SEDM portal, as well as a five-year operation and maintenance period for the SCADA platform.
The project will be executed over a period of one year, with the deployment scheduled to go live within 30 days.
PLI for manufacturing of Alkaline Electrolysers
The company has also received a Letter of Award from Solar Energy Corporation of India Limited (SECI) under the Product Linked Incentive (PLI) scheme for setting up a 200 MW manufacturing capacity of Alkaline Electrolysers in India. This initiative is part of the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme (Tranche-II) and is expected to be completed over the next 5 years.
Ace Investor Stake
Ashish Kacholia holds around 2,88,185 shares which consists of around 2.67 percent stake in the company as of September 2024.
Financials
The company’s total revenue declined by 4.2 percent from Rs 49.34 crore to Rs 47.22 crore in Q2FY24-25. Meanwhile, Net profit declined from Rs. 5.5 crores to Rs 4.34 crore during the same period.
Written by Sridhar J
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