Shares of Bhagyanagar India Ltd skyrocketed 16%, hitting an intraday high of Rs 88.39 on Tuesday, 25 February, after the company announced receiving a Letter of Award (LoA) from the Maharashtra State Electricity Distribution Company for a total investment of Rs 245 crore.
In its regulatory filing, the company said that the scheme allocates a total capacity of 53 megawatts (MW) for Solar Power Generation (SPG) under the Mukhyamantri Saur Krushi Vahini Yojana 2.0.
The project, set to be developed in Maharashtra, will include an operation and maintenance period of 25 years. The tariff is fixed at Rs 3.09 per kWh, with the government providing a subsidy of Rs 105 crore per MW.
This initiative, launched by MSEDCL, aims to implement feeder-level solarisation under Component C of the PM-KUSUM Scheme.
Earlier this month, the company secured 11 Letters of Award from the Uttar Pradesh New and Renewable Energy Development Agency for a solar project valued at Rs 230 crore. The 65.7 MW (AC) project must be commissioned within a year of receiving the award and includes a 25-year operation and maintenance period.
Incorporated in 1985, Bhagyanagar India is engaged in the manufacture of copper products. The company started with the production of non-ferrous metal products like copper rods and lead sleeves. A copper division was acquired through the takeover of two units, India Extrusion and Gangappa Industries. Bhagyanagar India’s product profile now includes enamelled and paper-covered copper strips, which are used by companies such as Lucas TVS, BHEL, Crompton Greaves, and Sahney Paris.
At 2:26 pm, the shares of Bhagyanagar India were trading 6.52% higher at Rs 81.15 on NSE.
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