Premier Energies’ Shares Skyrocket 18% Amid Market Turmoil, Reaching New High of ₹1,188!
Despite a significant market downturn on September 6, Premier Energies’ share price surged by an impressive 18%, hitting a record high of ₹1,188. This upward momentum follows the company’s explosive IPO listing on September 3, where shares leaped 120%, leaving investors thrilled.
The share price rally continues, largely driven by the announcement of a major new order. Premier Energies revealed it has secured a ₹215 crore contract to supply, install, and commission 8,085 solar water pumping systems across several districts in Uttar Pradesh. This order, part of the PM-KUSUM scheme aimed at enhancing energy security for Indian farmers, is expected to be completed by March 2025.
In just two days, the stock has risen more than 30%, reflecting strong investor confidence in the company’s growth trajectory.
Premier Energies plays a key role in India’s renewable energy push, being the country’s second-largest integrated solar energy company with an annual installed capacity of 2 GW for solar cells and 3.36 GW for solar modules as of March 31, 2024. The company’s strategic focus aligns with India’s goal of increasing non-fuel-based electricity sources to 40% by 2030, as per the Nationally Determined Contributions.
The company’s appeal is further underscored by significant anchor investments. On August 26, Premier Energies raised ₹846.12 crore through anchor investors, attracting major players like Nomura Funds, Blackrock Institutional Trust, PGGM World Equity, Abu Dhabi Investment Authority, Morgan Stanley, and BNP Paribas, among others.