Supreme Petrochem moves up on inking power delivery agreement with TP Saturn
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Supreme Petrochem is currently trading at Rs. 574.60, up by 3.15 points or 0.55% from its previous closing of Rs. 571.45 on the BSE.
The scrip opened at Rs. 576.00 and has touched a high and low of Rs. 579.95 and Rs. 563.40 respectively. So far 4111 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 617.65 on 18-Oct-2023 and a 52 week low of Rs. 336.50 on 28-Oct-2022.
Last one week high and low of the scrip stood at Rs. 617.65 and Rs. 543.20 respectively. The current market cap of the company is Rs. 10758.79 crore.
The promoters holding in the company stood at 64.24%, while Institutions and Non-Institutions held 4.41% and 31.34% respectively.
Supreme Petrochem has entered into a Power Delivery Agreement (PDA) for 12.5 MW (i.e. 17.95 MWp) with TP Saturn, a Special Purpose Vehicle (SPV) formed by Tata Power Renewable Energy (TREPL) for a 12.5 MW group captive project through the SPV and supply to company's plant at Amdoshi, Distt-Raigad, Maharashtra for a period of 25 years (with lock in period of 15 years).
Located in Achegaon in Maharashtra, the installation will produce around 27.5 million units (MUs) of non-conventional power annually and this partnership is expected to reduce carbon emissions by 20,075 metric tonnes Kg per annum. The Installation is scheduled to be operational within eight months of the Power Delivery Agreement (PDA) signing. The company will hold 26% equity shares in the SPV viz. TP Saturn for an investment of around Rs 6 crore.
Supreme Petrochem is a leader in Styrenic polymers in India with two manufacturing locations, Amdoshi-Wangani, Maharashtra and Manali, Tamilnadu in India.
