Shares of Premier Energies saw wild swings in today's trading session as the stock slipped over 12 percent from its record high of Rs 1,267.95, touched earlier in the day on September 9. The stock started the session on a positive note, extending its bull run to the ninth straight day since its market debut, surging as much as 181 percent over its IPO price of Rs 450.
However, such blockbuster gains soon attracted a wave of profit booking in the counter, pulling it into the sea of losses, down over 6 percent. At 1.25 pm, shares of Premier Energies were trading at Rs 1,140.50 on the NSE.
That aside outlook for the company remains robust. The company also recently won an order worth Rs 215 crore order. The Uttar Pradesh Department of Agriculture awarded the contract for the supply, installation, and commissioning of 8,085 solar water pumping systems across various districts in the state, with a comprehensive 5-year warranty. The order is set to be completed by March 2025.
Meanwhile, sentiment was also strengthened on hopes of the company benefitting from the draft norms for an approved list of models and manufacturers (ALMM) for solar cells, notified by the Ministry of New and Renewable Energy (MNRE) over the weekend and proposed to be effective from April 2026.
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The company manufactures integrated solar cell and solar panel and its product portfolio includes Cell, Solar Module, Monofacial modules, Bifacial modules, EPC Solutions and O&M Solutions.
The strong growth prospects of the company has not only triggered a record breaking rally in its shares post listing, barring the first instance of profit booking in the stock, but also attracted a slew of institutional buyers to its IPO. Marquee names like Blackrock, Nomura, Abu Dhabi Investment Authority, DSP India, Morgan Stanley, PNB Paribas, HDFC MF, and ICICI MF invested in the company's anchor book.
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