NEW DELHI: Tata Power Solar Systems, a wholly-owned subsidiary of Tata Power, bagged India’s largest single solar EPC order of 1GW for Rs 5,500 crore from SJVN. This will double the total order book of the company.
This EPC order has been designed keeping in mind the innovative use of ‘Make in India’ cells and modules. Covering around 5000+ acres of land in Rajasthan, this project aims at reducing around 22,87,128 kg of carbon emission and is expected to generate around 2,500 million units annually.
With this win of 1 GW, the company’s order booking crosses the Rs 12,000 crore with a cumulative portfolio of more than 9.3GW for utility-scale renewables projects.
The order comes at a time when most analysts are bearish on the stock mainly due to concerns over valuation. However, the counter gained over 1 per cent following the disclosure.
Adani Power’s blockbuster show
While one power company got a multi-thousand crore deal, another surprised with a superior financial performance in the March quarter. Adani Power on Thursday reported a multifold rise in profit after tax at Rs 4,645 crore compared with Rs 13 crore in the corresponding quarter last year.
During the quarter, the company’s wholly-owned subsidiary, Adani Power Rajasthan, received payments towards domestic coal shortfall claims, along with carrying cost and late payment surcharge from Rajasthan DISCOMs pursuant to Supreme Court’s order dated February 27. This inflated its numbers.
The stock market took note and the counter rose over 4 per cent.
Large Order
L&T said its railways business secured a contract from the National High-Speed Rail Corporation Limited (NHSRCL) to construct 116 Route km of High-Speed Ballastless Trackworks (Package No: T3) for the Mumbai-Ahmedabad High-Speed Rail (MAHSR) Project, popularly referred to as the Bullet Train Project.
Large order is up to Rs 5,000 crore.
The company said Japanese Shinkansen track technology will be adopted in this project. Upon completion, this slab track system will enable trains to travel at 320 kmph.
The stock rose 0.28 per cent. The stock has gained 22 per cent in the last one year.
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