Oriana Power share price rallied nearly 5% on Tuesday after the company announced the receipt of Letter of Award (LOA) for a project from a subsidiary of state-run NTPC. The small-cap stock surged as much as 4.97% to ₹2,196 apiece on the NSE.
Oriana Power said it has received Letter of Award (LOA) from NTPC Vidyut Vyapar Nigam Ltd (NVVN) for setting up of 125 MW/ 250 MWH standalone Battery Energy Storage Systems (BESS) at location provided at Giral Sub-Station in the state of Rajasthan with a Viability Gap Funding (VGF).
“The initiative of BESS will improve grid stability by balancing supply and demand, reducing the risk of blackouts, and enhancing overall grid efficiency. The project will be executed under the build-own-operate (BOO) model,” Oriana Power said in a regulatory filing on July 7.
The broad consideration or size of the contract is ₹465.15 crore over a period of 12 years from the Scheduled Commissioning Date of the Project. The time period by which the contract is to be executed is 18 months from the effective date of Battery Energy Storage Purchase Agreement (BESPA), the company added.
NTPC Vidyut Vyapar Nigam Ltd. (NVVN) was formed by NTPC in the year 2002, as its wholly owned subsidiary.
Oriana Power Share Price Performance
Oriana Power shares are listed on NSE Emerge, a platform for SME companies.
Oriana Power share price has fallen 4.3% in one month, and has declined 4% on a year-to-date (YTD) basis. The SME stock has dropped 13% in the past one year.
At 10:30 AM, Oriana Power share price was trading 4.92% higher at ₹2,195 apiece on the NSE.
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