Shares of CESC Ltd rose 1% to hit a day’s high of Rs 174.71 on 14th November, after the company said its subsidiary, CESC Green Power Ltd, has secured in-principle approval from Odisha’s High-Level Clearance Authority to set up a large renewable manufacturing facility in Dhenkanal.

The Rs 4,500-crore project will be built in three phases and will include a 3GW solar cell unit, a 3GW solar module unit, a 5GWh battery cell and pack plant, and a 60MW captive power unit.

In Q2, CESC Ltd posted strong results, with net profit rising 20.4% year over year to Rs 425 crore. Revenue grew 12% to Rs 5,267 crore, while EBITDA increased 18.4% to Rs 1,061 crore, with margins improving to 20.1%. The board also declared an interim dividend of Rs 6 per share.

Currently, the company’s market capitalisation stands at around Rs 23,011 crore.

At 1:39 PM, shares of CESC Ltd were trading 0.70% higher at Rs 173.42 on NSE.

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