Veer Energy and Infrastructure share price rallied 12 percent intraday Monday on receiving a letter of interest from Maharashtra Energy Development Agency, Pune, on installation of solar or hybrid project at its existing wind projects.
The company has decided to start hybrid division. It wants to develop 10 MW solar or hybrid project on their existing approval of wind farm project for 10 MW at Dhule.
The new introduction of hybrid division in which installation/development cost would reduce by 50 percent, the company said.
It further said this division will explore in new areas related to installations and operations of hybrid power on wind/solar parks.
"This new division will open up new markets by developing existing projects & existing clients Gamesa, Suzlon, Elecon, Regen Power etc and will also undertake development of hybrid system on contract basis, Veer Energy said.
At 14:03 hours IST, the stock price was quoting at Rs 31.25, up Rs 2.90, or 10.23 percent on the BSE.
Posted by Sunil Shankar MatkarDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
