Orient Green Power Share Price: rises by 4.86%, reflecting positive market momentum. Strategic moves, including a rights issue reduction and solar energy ventures, bolster the company’s growth.
Orient Green Power Share Price
In a recent development, Orient Green Power has decided to reduce the size of its proposed rights issue from Rs 300 crore to Rs 250 crore.
The decision was made during the Rights Issue Committee’s meeting on February 2, reflecting adjustments in the company’s financial strategy.
Orient Green Power, known for its wind farms in India and Europe, has experienced a 15 percent surge in its shares over the last three days, hitting a 5 percent upper circuit for three consecutive sessions.
This impressive performance comes amid a broader market rally, with the company outpacing the benchmark Nifty 50 by a significant margin in the past year.
Orient Green Power Share Price Today
As of today, the share price of Orient Green Power is ₹31.30, showing a positive change of +1.45 (4.86%). Investors are witnessing a notable uptick.
Orient Green Power Share Price Target
Orient Green Power Limited, a Chennai-based company founded in 2006, is making strides in the power generation and distribution sector with a market cap of Rs 1,134 crore. In the pursuit of sustainable energy, this small-cap player has caught our eye.
Last year, the company recorded Rs 89.569 crore in total income, with sales reaching Rs 28.392 crore. The promoter holds a 32.48 percent stake, while the public boasts a solid 67% share.
Net profit? A robust Rs 29.335 crores. Impressive, right?
What’s turning heads is the remarkable 459 percent return over the last 3 years. But that’s not all—the company has set its sights high with a price target of Rs 14, thanks to an improved performance this year.
Orient Green Power is aligning itself with the future by venturing into solar energy alongside wind energy. With the global shift towards renewable sources, this move could propel the company even further.
Analysts are predicting a bullish run, setting first and second share price targets at ₹18 and ₹22, respectively.
Orient Green Power Share Price Targets 2024:
Future Projects Boost: The company plans a future project of 1000 MW, aiming to significantly boost both revenue and profit.
Share Price Projections:
- January 2024: Range between ₹22 to ₹29
- February 2024: Range between ₹25 to ₹31
- March 2024: Range between ₹26 to ₹33
- April 2024: Range between ₹28 to ₹35
- May 2024: Range between ₹31 to ₹37
- June 2024: Range between ₹34 to ₹39
- July 2024: Range between ₹35 to ₹44
- August 2024: Range between ₹37 to ₹46
- September 2024: Range between ₹39 to ₹48
- October 2024: Range between ₹41 to ₹50
- November 2024: Range between ₹44 to ₹53
- December 2024: Range between ₹47 to ₹55
Orient Green Power Share Price Financial Growth
The company’s financials show a promising picture, with a more than two-fold increase in consolidated net profit to Rs 75 crore for the quarter ended September 2023. The total income rose to Rs 124.10 crore, compared to Rs 108.24 crore in the same quarter the previous year.
With expenses at Rs 62.36 crore during the quarter, Orient Green Power is gearing up to report its December quarter earnings on February 14, 2024, amid positive market sentiment and increasing investor interest.
Notably, LIC, a state-run entity, holds a 1.6 percent stake in the company, reflecting confidence in Orient Green Power’s prospects.
Orient Green Power Company Stock Peers
- Gujarat Industries Power Company
- Latest Price: ₹222.25
- Change: +1.10
- % Change: +0.50
- 52W High: ₹237.20
- 52W Low: ₹70.71
- Mkt. Cap: ₹3,361.56
- GMR Power & Urban Infra
- Latest Price: ₹56.31
- Change: +0.59
- % Change: +1.06
- 52W High: ₹57.75
- 52W Low: ₹14.32
- Mkt. Cap: ₹3,398.84
- Orient Green Power Company
- Latest Price: ₹31.42
- Change: +1.49
- % Change: +4.98
- 52W High: ₹29.93
- 52W Low: ₹7.09
- Mkt. Cap: ₹2,561.71
- Urja Global
- Latest Price: ₹35.97
- Change: -1.89
- % Change: -4.99
- 52W High: ₹41.84
- 52W Low: ₹6.00
- Mkt. Cap: ₹2,004.27
- Zodiac Energy
- Latest Price: ₹251.75
- Change: -5.10
- % Change: -1.99
- 52W High: ₹340.40
- 52W Low: ₹86.00
- Mkt. Cap: ₹368.40
ALSO READ: Adani Power Q3 Result 2024 Date, Market Shifts & Status.
Conclusion:
Orient Green Power impresses with a 4.86% share price surge today. Recent strategic moves include reducing a rights issue and venturing into solar energy.
With a solid 459% return in 3 years and ambitious 2024 targets, the company’s positive financials and market performance position it for continued growth and investor interest.
