The shares of this green energy company gained 5 percent to an intraday high of ₹86.58 per share after the company received an order from the Maharashtra government to develop a 100 MW solar project.
At 11:45 a.m., Ravindra Energy Ltd. shares gained percent to ₹85.30 per share, up 3.42 percent from the previous close price on the stock exchange. The company has a market capitalization of ₹1,323 crore.
Ravindra Energy Limited (REL) has received a Letter of Award from Maharashtra State Electricity Distribution Company Limited (MSEDCL), to develop and operate 100 MW(AC) of decentralized feeder-level PV solar projects.
This Letter of Award has been issued under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY) of the Government of Maharashtra. The project is eligible for central financial assistance of Rs. 1.05 crore per MW under the KUSUM C Scheme of the Central Government. The company reported this in its exchange filing.
The company’s revenue has declined 70 percent year on year, from ₹54.76 crore in Q3FY23 to ₹16.49 crore in Q3FY24. During the same period, net profit has slightly increased by 104 percent, from ₹0.21 crore to ₹0.43 crore.
Ravindra Energy Ltd. is in the business of selling solar pumps, Setting up Solar generation power plants (Ground Mount & Rooftop) & Generation and Sale of Power.
Ravindra Energy is promoted by the Murkumbi family of the Shree Renuka Group. The group is in the business of trading coal and sugar and is also involved in the mining of coal through its foreign arm, PT Jambi Prima, Indonesia.
Its subsidiaries include Agri Venture Trading and Investment Private Limited, Rhibhu Rooftop Solar Solutions Limited, Renuka Energy Resource Holdings FZE, REL Rural Warehousing Limited, and Ravindra Energy KNSP1 Private Limited.
Ravindra Energy Ltd. shares have gained 40 percent in the last six months and 93 percent in a year.
Written by Omkar Chitnis
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