CESC Arm Wins Nod for Rs 4,500-Crore Odisha Solar-Battery Project; Shares Up 1%
Shares of CESC Ltd rose 1% to hit a day’s high of Rs 174.71 on 14th November, after the company said its subsidiary, CESC Green Power Ltd, has secured in-principle approval from Odisha’s High-Level Clearance Authority to set up a large renewable manufacturing facility in Dhenkanal.
The Rs 4,500-crore project will be built in three phases and will include a 3GW solar cell unit, a 3GW solar module unit, a 5GWh battery cell and pack plant, and a 60MW captive power unit.
In Q2, CESC Ltd posted strong results, with net profit rising 20.4% year over year to Rs 425 crore. Revenue grew 12% to Rs 5,267 crore, while EBITDA increased 18.4% to Rs 1,061 crore, with margins improving to 20.1%. The board also declared an interim dividend of Rs 6 per share.
Currently, the company’s market capitalisation stands at around Rs 23,011 crore.
At 1:39 PM, shares of CESC Ltd were trading 0.70% higher at Rs 173.42 on NSE.
Unicorn Signals leverages advanced AI technology to provide you with powerful market predictions and actionable stock scans. Download the app today and 10x your trading & investing journey!
