Shares of Hariom Pipe Industries Limited (HPIL) surged 4.05% to ₹358.00 in Tuesday’s session after the company announced that it has received a Letter of Award (LoA) for a 60 MW (AC) solar power project under the Mukhyamantri Saur Krushi Vahini Yojana 2.0, a government-backed initiative under Component C of the PM Kusum Scheme aimed at feeder-level solarization.
Project details:
- Awarding authority: Maharashtra State Electricity Distribution Company Limited (MESDCL)
- Power Purchase Agreement (PPA) Tariff: ₹2.96/kWh for 25 years
- Subsidy: ₹1.05 crore per MW
- Additional incentive: ₹0.25/kWh for the first three years if commissioned on time
- Execution timeline: 18 months
- Scope of work: Ownership, financing, development, engineering, procurement, construction, commissioning, operation, and maintenance of the solar project, including evacuation infrastructure up to the delivery point
The project’s long-term power purchase agreement with MESDCL ensures revenue stability for HPIL, while its entry into renewable energy aligns with India’s clean energy transition. The move is expected to enhance HPIL’s sustainability profile and strengthen its long-term growth prospects.
Stock performance:
- Current price: ₹358.00 (+4.05%)
- Previous close: ₹344.05
- Day’s range: ₹344.05 – ₹360.00
- Market cap: ₹1,113 crore
- 52-week range: ₹324.00 – ₹888.75
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