Shares of Indian Metals & Ferro Alloys Ltd (IMFA) surged over 2% to ₹644 on Tuesday after the company announced that it has signed a Share Subscription and Shareholders Agreement (SSHA) with JSW Green Energy One Ltd & JSW Green Energy Seven Ltd.
Agreement Details
IMFA had earlier entered into a Power Purchase Agreement (PPA) with the two JSW subsidiaries to secure a 70 MW hybrid renewable power supply, comprising 50 MW of solar capacity and 100 MW of wind capacity. The latest agreement formalizes IMFA’s equity subscription of 26% in the power-producing entities upon completion of specified milestones to comply with captive status requirements.
The agreement, which is valid for 25 years from the Commercial Operation Date, ensures that IMFA will receive uninterrupted renewable power, reinforcing its commitment to sustainable operations.
Stock Performance
- Previous Close: ₹630.80
- Current Price: ₹644.00 (+2.09%)
- Day Range: ₹632.00 – ₹649.70
- Market Cap: ₹34.75 billion
- P/E Ratio: 8.32
- Dividend Yield: 2.33%
The strategic collaboration with JSW Green Energy is expected to enhance IMFA’s operational efficiency while reducing dependence on conventional power sources. Investors have reacted positively to the development, leading to a rise in the stock price.
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