Ceigall India's Stock Soars on Landmark Solar Project Win

Shares of Ceigall India surged over 8% following the announcement of a major Rs 1,700 crore solar project from Rewa Ultra Mega Solar Ltd. The company reported a rise in net profit to Rs 72.4 crore, driven by increased income, and achieved a new 52-week high on stock exchanges.

Ceigall India's shares climbed over 8% on Tuesday, reaching their 52-week high, after the company revealed a significant contract acquisition with Rewa Ultra Mega Solar Ltd for a Rs 1,700 crore solar project.

On the Bombay Stock Exchange (BSE), Ceigall's stock surged by 8.52% to Rs 308.30 per share. Similarly, on the National Stock Exchange (NSE), shares rose by 7.54% to Rs 307.90, also hitting a yearly peak.

In a regulatory filing, Ceigall India disclosed its success in securing a 220 MW solar project, complete with a battery energy storage system. Recently, the company reported a 2% increase in net profit to Rs 72.4 crore for the December quarter, attributed to higher income. Ceigall's total income reached Rs 991.1 crore compared to Rs 830.5 crore in the same period the previous year.

(With inputs from agencies.)