Shares of Monte Carlo Fashions moved higher on Wednesday, December 24, after the company announced that it has received multiple Letters of Award (LoA) from Madhya Pradesh Urja Vikas Nigam Ltd. (MPUVNL) for solar power projects worth Rs 147 crore.
In early trade, Monte Carlo Fashions was quoting at Rs 744.30, up Rs 21.60 or nearly 3%, tracking positive investor reaction to the order win. The stock had closed the previous session at Rs 724.85.
According to the company’s disclosure, the LoAs pertain to the development of solar PV-based power plants with an aggregate capacity of 35 MW (AC). The projects will be executed under the Surya Mitra Krishi Feeders Scheme – PM KUSUM-C, involving the setting up of grid-connected solar photovoltaic power generating stations across one district in Madhya Pradesh.
The contract is to be completed within an 18-month execution period, followed by a long-term 25-year operational phase, providing sustained revenue visibility over the project lifecycle.
The order strengthens Monte Carlo Fashions’ presence in the renewable energy segment and adds to its project pipeline in the solar power space.
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