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Saatvik Green Energy jumps on ₹190 crore solar PV module order
The stock rose 4.5% to ₹419, its biggest one-day gain in over a month, after its subsidiary secured the order to boost near term revenue visibility.
Saatvik Green Energy shares surged after its material subsidiary, Saatvik Solar Industries, secured an order worth ₹190 crore for the supply of solar PV modules to an independent power producer, with the move framed by the company as improving revenue visibility. LiveMint Markets said the shares closed Friday up 4.5% at ₹419, marking the biggest single day gain in more than a month.
The order is the second major win for the company in recent weeks, following a ₹476 crore solar PV module order last week from Vikran Engineering. Earlier this May, the company also received an order worth ₹171.45 crore from a domestic independent power producer, according to the filing discussed in the report.
LiveMint Markets reported that the latest contract covers TOPCon bifacial glass glass solar PV modules, a technology that generates power from both sides of the panel to increase output versus conventional modules. The company said TOPCon is part of its next generation solar offerings.
The report added that Saatvik Solar Industries also signed an initial pact with IPICOL to set up a 3.6 GW solar cell manufacturing facility at Gopalpur in Odisha, which the company said will feed its broader manufacturing expansion there. It also noted the stock remains below its issue price, despite rebounding 22% from March lows, and trimmed its monthly losses to 3.3%.