ACME Solar Holdings Shares Surge on Solar Power Project Commissioning
ACME Solar Holdings shares saw a notable rally on Thursday, gaining 4.8% in intraday trade on the BSE, hitting a high of Rs 241 per share. The stock’s surge came after the company announced the commissioning of 1,023.05 MW of solar power projects in Rajasthan.
At 10:58 AM, the share price was up 3.09%, trading at Rs 237 per share. This performance stands in contrast to a 0.61% decline in the BSE Sensex, which was at 77,672.85.
The market capitalisation of ACME Solar Holdings reached Rs 14,340.58 crore, with the stock’s 52-week high at Rs 292 per share and a 52-week low at Rs 224.
Solar Power Capacity Expansion
ACME Solar Holdings made the announcement about the commissioning of its solar power projects through its wholly-owned subsidiaries— ACME Dhaulpur Powertech Private Limited and ACME Raisar Solar Energy Private Limited. The plants are now fully operational with a 300 MW rated capacity each. As of this announcement, ACME Solar’s total operational renewable generation capacity has increased to 2,453 MW.
On January 7, 2025, the company completed the commissioning of 62 MW and 28 MW capacities at the respective subsidiaries. This expansion reflects the company’s continued push to grow its renewable energy footprint in India.
IPO Performance and Market Sentiment
ACME Solar Holdings’ journey on the stock exchanges has had a rocky start. The company debuted on the BSE on November 13, 2024, at a price of Rs 259 per share, which represented a 10.3% decline from its IPO issue price of Rs 289 per share. The stock also saw a 13.14% drop on its NSE debut, where it opened at Rs 251.
Despite the initial underperformance in the stock market, the recent positive news regarding the commissioning of new solar power projects has boosted investor sentiment.
Company Overview
Founded in 2015, ACME Solar Holdings is a prominent player in India’s renewable energy sector, with a focus on solar and wind energy projects. It is part of the Acme Group, one of India’s leading renewable energy companies. ACME Solar specializes in developing, operating, and maintaining solar power projects, contributing to India’s push for sustainable and green energy solutions.
Stock Performance
- 52-week High: Rs 292
- 52-week Low: Rs 224
- Market Capitalisation: Rs 14,340.58 crore
Outlook
The recent announcement about expanding the company’s renewable energy capacity could prove to be a positive catalyst for ACME Solar Holdings in the coming months, as it strengthens its position in the renewable energy market. However, given the challenges the stock faced post-IPO, market sentiment will likely remain cautious until further progress is made in achieving its growth and operational targets.
