Ceigall India Stock Climbs 4% Following Successful Bid for ₹1,369 Crore in Solar PPA Projects

Ceigall India Shares Surge 4% as Company Executes Long-Term Power Purchase Agreements

Ceigall India's shares closed at ₹275 apiece on March 25, marking a 4% increase from the previous session. The improvement in investor sentiment follows the company's execution of two long-term Power Purchase Agreements (PPAs) through its wholly owned subsidiaries.

Ceigall India has signed two PPAs with Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL) for the development of solar photovoltaic power generating stations with a combined capacity of 337 MW under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY 2.0). The combined EPC value of the projects stands at approximately ₹1,369 crore. The projects are expected to be completed within 18 months, followed by operations, maintenance, and power supply for 25 years under long-term PPAs at a quoted tariff ranging between ₹2.72 and ₹2.86 per unit.

The company has been securing significant orders in recent weeks, including two EPC orders from Purvah Green Power Private Limited worth ₹300 crore and an order from the National Highways Authority of India worth ₹603 crore for the construction of a 10.30 km stretch under NH(O) in Punjab.

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Ceigall India's share price has remained volatile since its listing, losing over 25% of its value. The stock debuted in August 2024 at a discount to its issue price of ₹401 apiece and has traded 31.3% below its IPO price of ₹401 apiece. Promoters hold a majority stake of 82.1% in the company, while public shareholders own around 10%.