Orient Green Power Company rose 3.28% to Rs 10.39 at 10:56 IST on BSE on reports that IL&FS is in advanced talks to merge its wind energy assets with the company.
Meanwhile, the BSE Sensex was up 26.33 points, or 0.10%, to 27,283.97.
On the BSE, so far 4.12 lakh shares were traded in the counter, compared with average daily volumes of 75,133 shares in the past one quarter. The stock had hit a high of Rs 11 and a low of Rs 10.26 so far during the day.
The stock hit a 52-week high of Rs 15.10 on 2 February 2016. The stock hit a record low of Rs 7.84 on 9 November 2016. The stock had underperformed the market over the past 30 days till 18 January 2017, rising 3.50% compared with the 3.61% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 1.37% as against Sensex's 3.10% decline.
The small-cap company has equity capital of Rs 739.80 crore. Face value per share is Rs 10.
A media report indicated that Infrastructure Leasing and Financial Services (IL&FS) is in advanced talks to merge its wind energy assets with Chennai-based listed Orient Green Power.
The boards of IL&FS and Orient are expected to meet soon and discuss a merger proposal which, if cleared, will help the entity to acquire more wind energy assets. The plan is to consolidate and use stock and cash to acquire assets that will help scale up capacity to over 2,000 megawatts (MW) by financial year 2018, the report said.
On a consolidated basis, Orient Green Power Company reported net profit of Rs 82.88 crore in Q2 September 2016 as against net loss of Rs 21.32 crore in Q2 September 2015. Net sales rose 11.62% to Rs 154.81 crore in Q2 September 2016 over Q2 September 2015.
Orient Green Power Company an independent operator and developer of renewable energy power plants in India. Currently, the company's portfolio includes biomass, biogas, wind energy and small hydroelectric projects at various stages of development.
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