Synergy Green Industries surges on commissioning 2 MW of captive solar projects
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Synergy Green Industries is currently trading at Rs. 362.20, up by 10.30 points or 2.93% from its previous closing of Rs. 351.90 on the BSE.
The scrip opened at Rs. 346.95 and has touched a high and low of Rs. 362.70 and Rs. 346.95 respectively. So far 294 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 436.10 on 05-Feb-2024 and a 52 week low of Rs. 119.45 on 13-Apr-2023.
Last one week high and low of the scrip stood at Rs. 378.95 and Rs. 343.80 respectively. The current market cap of the company is Rs. 511.79 crore.
The promoters holding in the company stood at 74.02%, while Institutions and Non-Institutions held 3.99% and 21.99% respectively.
Synergy Green Industries has successfully commissioned 2 MW of Captive Solar projects. This is estimated to take care the electricity requirement for 3,000 MT of production (10% of present capacity). Further 8 MW installations are planned during FY 2024-25.
These installations will help the company in achieving decarbonization goals, reduce the electricity costs and also hedge against future power tariff escalations. Presently, the company is spending around 8% on power costs and with completion of 10 MW installations, it is estimated to bring down these costs to 6% (at PBDIT levels).
Synergy Green Industries is engaged in the business of foundry, like manufacturing of castings, industrial castings, turbine castings, metal castings, steel castings and Windmill Parts.
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