Shares of Surana Telecom and Power Ltd rose 8.66% today, closing at ₹26.11 on the National Stock Exchange, following the announcement of the sale of its 5 MW solar power project in Munipally, Telangana. The company has entered into an agreement with Reddy Pharmaceuticals Limited to sell the project along with the land for a total consideration of ₹33.3 crore.
This development follows the approval by the company’s Board of Directors in their meeting held on December 28, 2024. The transaction, which is subject to shareholder approval via a postal ballot to be completed by January 31, 2025, reflects the company’s strategic move to streamline its operations and focus on other ventures.
Surana Telecom And Power Share Price history
| Day | Open | Close | Change % |
|---|---|---|---|
|
Thu, Jan 2 2025
|
₹24.99
|
₹24.03
|
|
|
Wed, Jan 1 2025
|
₹23.11
|
₹23.34
|
-0.89%
|
|
Tue, Dec 31 2024
|
₹23.36
|
₹23.55
|
|
|
Mon, Dec 30 2024
|
₹24.21
|
₹23.36
|
-3.87%
|
|
Fri, Dec 27 2024
|
₹23.62
|
₹24.30
|
|
|
Thu, Dec 26 2024
|
₹23.22
|
₹24.07
|
|
|
Tue, Dec 24 2024
|
₹24.85
|
₹23.64
|
-1.34%
|
|
Mon, Dec 23 2024
|
₹23.68
|
₹23.96
|
|
The sale announcement has generated significant investor interest, with the stock seeing a notable uptick in trading volume. The agreement is expected to enhance the company’s cash position, providing greater flexibility for future projects and investments.
Market experts believe the move could align with the company’s long-term vision while helping optimize its asset portfolio. Further details on the company’s strategic roadmap are awaited.
