Vikran Engineering shares rose for the third consecutive session on Monday as the company received new orders in the solar EPC segment. The stock climbed 9.54% to an intraday high of Rs 110.36, while rising more than 20% in the preceding three sessions. The company’s share price has increased by nearly 15% in the past five sessions.

The company’s share price rose on the back of an announcement made in the market after hours on Friday, December 26, that it has accepted Letters of Awards (LOAs) from M.P. Urja Vikas Nigam Limited for the implementation of grid-connected Solar PV-based power plants with a total capacity of 45.75 MW in Vidisha district in Madhya Pradesh.

The projects will be developed under the Surya Mitra Krishi Feeders Scheme, with feeder solarisation as part of the PM KUSUM-C scheme, for the sale of power to Madhya Pradesh Power Management Company Limited (MPPMCL).

Under the awards, Vikran Engineering will act as a Renewable Power Generator (RPG) for the implementation of the solar power plants. The projects will have a power purchase tenure of 25 years, with tariffs ranging between ₹2.75 per kWh to ₹2.80 per kWh, as specified in the LOAs.

In the past week, the company has also notified that it has received a Notification of Award (NOA) from NTPC Renewable Energy Limited for a ₹459.20 crore EPC contract for a 400 MW AC grid-connected solar power project at Chitrakoot-1 in Uttar Pradesh. The contract involves the execution of the Balance of System (BoS) package for the solar project and is to be completed within 12 months. The scope of work includes inland transportation, insurance, installation, testing, commissioning, and guarantee tests, ensuring full operational readiness of the project.

Vikran Engineering also announced that it has received a major work order worth ₹2,035.26 crore from Onix Renewables Limited, a special purpose vehicle (SPV), for the development of 600 MW AC solar power projects across multiple locations in the state of Maharashtra. 

The stock, which was listed in September this year, has increased by 7.51% since then. The shares had hit a 52-week high in November, at Rs 118.40, while they hit a 52-week low of Rs 84.20 in December 18. This rise has brought the stock price close to its record high, but it is still 6.8% lower.