Visaka Industries shares soar 19% on ALMM certification for solar roofs

The sharp rise followed the company's announcement that it has received certification by MNRE for an integrated solar roof solution that is certified under the approved list of models & manufactures

Shares of cement and cement products manufacturer Visaka Industries were buzzing in trade on Wednesday, despite weak market conditions. The company's shares surged as much as 19.40 per cent to hit the day's high of Rs 103.80 on the National Stock Exchange (NSE) during intra-day trade on January 8, 2025.

 

The sharp rise followed the company's announcement that it has become the only firm in the country to offer an integrated solar roof solution certified under the Approved List of Models and Manufacturers (ALMM) by the Ministry of New and Renewable Energy (MNRE).

 

"This certification underscores ATUM Solar Roofs’ commitment to delivering innovative, sustainable, and government-recognized solar energy solutions. As a pioneer in renewable energy, we continue to drive advancements that align with India’s renewable energy goals," the company said in an exchange filing on the NSE.

 

 

Visaka Industries, incorporated in 1981 and headquartered in Hyderabad, manufactures a range of products including cement fiber sheets, spinning yarn, fiber cement boards, and solar panels. The company has 13 manufacturing locations across India and has diversified its product mix over the years. Its market capitalization stood at Rs 441.55 crore on the NSE as of January 8, 2025.

 

The company's shares have a 52-week range of Rs 177.95 to Rs 85.35 on the NSE.

 

Historically, Visaka Industries' stock has shown mixed performance. The shares dropped 12 per cent in the last six months but have gained nearly 10 per cent over the past one year.

 

At around 1:42 PM on Wednesday, Visaka Industries shares were quoted at Rs 100.99, up 16.21 per cent from their previous close of Rs 86.90 on the NSE. A combined total of nearly 2.01 million equity shares of the company exchanged hands on the BSE and NSE, with an estimated turnover of around Rs 19.77 crore as of the time of writing.

 

Meanwhile, the benchmark equity indices were trading lower on Wednesday. The NSE Nifty50 was quoted at 23,572.50, down 0.57 percent, while the 30-share Sensex was down 440 points at 77,758.82 levels.