15 Oct 2024

CESC Gains After Subsidiary Finalizes Deal to Acquire 100% Stake in Deshraj Solar Energy

CESC shares are currently trading at Rs. 189.65, reflecting an increase of 2.25 points or 1.20% from the previous close of Rs. 187.40 on the BSE.

The stock opened at Rs. 189.80, reaching a high of Rs. 190.70 and a low of Rs. 188.00 during the day. A total of 50,477 shares have been traded so far.

CESC, categorized under BSE group 'A' with a face value of Rs. 1, hit a 52-week high of Rs. 212.70 on September 26, 2024, and a 52-week low of Rs. 82.45 on October 26, 2023.

Over the last week, the stock saw a high of Rs. 193.75 and a low of Rs. 179.35. The company's market capitalization stands at Rs. 25,126.19 crore.

Promoters hold 52.11% of the company's shares, while institutional investors own 36.20% and non-institutional investors control 11.69%.

CESC's subsidiary, Purvah Green Power (PGPPL), has signed a Share Purchase Agreement to acquire 100% of Deshraj Solar Energy, aiming to expand its renewable energy portfolio. After the acquisition, Deshraj Solar Energy, which is developing a 300 MW solar PV power plant in India, will become a step-down subsidiary of CESC.

CESC operates as a fully integrated power utility, involved in coal mining, power generation, and distribution, mainly in West Bengal.