Sarda Energy is making some buzz on the Street today; from its close of Rs.247.70, today the stock opened morning at Rs.254.55 and rose further to Rs.262, up over 5.5% and quite close to its 52-week high of Rs.264.95.
The reason for this new found love – it announced yesterday evening that it has received an order from Gensol Engineering for installation of solar power plant of 50 MW DC in Chhattisgarh for meeting the captive requirements of the company’s production and mining facilities.
The order is worth Rs.150 crore and is to be implemented in the next 6-9 months.
Sarda is one of the lowest cost producers of steel (sponge iron, billets, ingots, TMT bars) and one of the largest manufacturers and exporters of ferro alloys in India. Headquartered in Raipur, Chhattisgarh, the company merged with Chhattisgarh Electricity Company Limited (CECL) in 2007.