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Here's why Lloyds Metals & Engineers shares were buzzing in trade on May 20
The upward movement in the company's share price came after its announcement that it has signed Power Purchase Agreements (PPA) for a captive solar project with HR Godavari (HR Godavari) for 16.05 MWp / 10.70 MWac, and a captive solar PPA with HR Godavari for 70 MWp / 50 MWac.
"The Share Subscription and Shareholders Agreement has also been signed between the Company, Hinduja Renewables Energy Private Limited, and HR Godavari, for the Company to subscribe to at least 26 per cent of the total paid-up equity share capital of HR Godavari," Lloyds Metals & Engineers said in a release.
Earlier, on December 18, 2024, the board of directors of Lloyds Metals & Engineers had approved an investment for 100 MW of solar power sourcing through the Group Captive Route and agreed to subscribe to 26 per cent of the equity shares of an SPV to be incorporated with Hinduja Renewables.
About Lloyds Metals & Engineers
Lloyds Metals & Engineers is engaged in mining iron ore, manufacturing coal-based Direct Reduced Iron (DRI) / Sponge Iron, and generating power. The company is one of the largest coal-based DRI manufacturers in Maharashtra, with a production capacity of 340,000 TPA across two districts. It has a DRI plant with a production capacity of 270,000 TPA, along with a captive power plant with a 30 MW capacity in the Ghugus Chandrapur district of Maharashtra, and a greenfield plant with a production capacity of 70,000 MTPA in Konsari, Gadchiroli, with a 4 MW captive power plant.
As of May 20, Lloyds Metals & Engineers has a market capitalisation of ₹70,637.66 crore on the NSE.
Lloyds Metals & Engineers shares have advanced 8 per cent year-to-date. In contrast, the benchmark Nifty50 has gained 4.7 per cent during the same period.
The company's shares have a 52-week range of ₹1,478 - ₹592 on the NSE.
At 12:23 PM on Tuesday, Lloyds Metals & Engineers shares were trading at around ₹1,350 per share, up 1.44 per cent from its previous close of ₹1,330.90 on the NSE.
Meanwhile, the benchmark equity indices were trading lower on Tuesday. The BSE Sensex was down by 318.84 points or 0.39 per cent at 81,740.58, while the Nifty50 was at 24,861.80, down 83.65 points or 0.33 per cent.
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