a recent entrant to the Indian stock market, saw its shares surge 11.4% in early trade on Tuesday, June 24, hitting a 3-week high of ₹235 apiece. The rally followed the company’s announcement that it had secured domestic projects worth ₹306.30 crore, prompting a positive shift in investor sentiment.
In its exchange filing today, the company said it had won engineering, procurement, and construction (EPC) contracts for sewage treatment plants (STPs) with 15 years of operation and maintenance (O&M) from various municipal corporations in Chhattisgarh. These include 16, 14, and 2 MLD STPs from the Municipal Corporation of Ambikapur, 15 and 26 MLD STPs from Rajnandgaon, and a 33 MLD STP from Korba.
Commenting on the development, Mr. Sanjay Jain, Chairman & Whole-Time Director, said, “We are proud to have been entrusted with these significant projects by government bodies. Our focus remains on delivering high-quality, sustainable, and timely solutions that contribute to the nation’s water management and sanitation goals. We are to maintaining the highest standards of engineering and execution.”
In a separate development, the company also announced its official foray into the renewable energy sector by acquiring two key solar power projects with a combined capacity of 69 MW (AC). It acquired Vento Power Infra Private Limited for a 40 MW grid-connected solar project in Odisha’s Bolangir district, where power will be sold at ₹4.10 per unit for approximately 18 years.
The second acquisition, Soltrix Energy Solution Private Limited, involves a 29 MW solar power project in Maharashtra. This project includes design, financing, engineering, procurement, construction, operation, and maintenance and is backed by State Financial Assistance (SFA) of ₹3.20 crore per MW, totaling ₹92.80 crore. The plant is expected to generate revenue at a tariff of ₹0.88 per unit over a 25-year period, according to the company’s exchange filing.