HSBC Raises ACME Solar Target Price, Shares Jump 5%
· Business · Economic Times, Moneycontrol
HSBC raised its target price for ACME Solar by 15% to Rs 450, maintaining a Buy rating on the stock. Shares rose 5% to Rs 421 on the BSE following the announcement. The brokerage cites a recovery in renewable energy auctions driven by rising power demand and the adoption of battery storage systems. ACME Solar successfully converted 730MW of awarded capacity into power purchase agreements during the second quarter. The company also won a 300MW contract for assured evening power supply at a tariff of Rs 6 per kWh.
Why it matters
The brokerage's optimistic outlook reflects growing investor confidence in India's renewable energy sector and ACME Solar's ability to execute complex power projects.
Read the original report — Economic Times
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