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Orient Green Power gains after board OKs selling biomass unit

According to reports, Orient Green Power Company rose 2.15% to Rs 10 at 11:01 IST on BSE after the company said its board has approved selling the 10 megawatts biomass unit in Tamil Nadu to one of the wholly-owned subsidiaries.

The company made the announcement during trading hours today, 7 April 2014.

Meanwhile, the BSE Sensex was down 92.52 points, or 0.41%, to 22266.98.

On BSE, so far 8,004 shares were traded in the counter, compared with an average volume of 14,482 shares in the past one quarter.

The stock hit a high of Rs 10.20 and a low of Rs 9.27 so far during the day. The stock hit a 52-week high of Rs 14.90 on 3 May 2013. The stock hit a 52-week low of Rs 8.54 on 26 March 2014.

The stock had underperformed the market over the past one month till 4 April 2014, rising 4.93% compared with the Sensex’s 5.42% rise. The scrip had also underperformed the market in past one quarter, falling 14.80% as against Sensex’s 7.23% rise.

The small-cap company has an equity capital of Rs 568.08 crore. Face value per share is Rs 10.

Orient Green Power Company said its board has approved the proposal to sell whole of the 10 megawatts (MW) biomass unit of the company located at Samathur, Karianchettypalayam Village, Pollachi Taluk 642 123, Coimbatore District, Tamil Nadu by way of slump sale on a going concern basis, to one of its wholly-owned subsidiaries. The proposal is subject to the approval of the shareholders and other approvals as may be required for such sale. The sale will facilitate the unit to sell power on the group captive mode in Tamil Nadu, which would help in stability of operations and realisation, the company said.

Orient Green Power Company reported net loss of Rs 17.72 crore in Q3 December 2013 as against net loss of Rs 5.25 crore in Q3 December 2012. Net sales declined 33.75% to Rs 5.89 crore in Q3 December 2013 over Q3 December 2012.

Orient Green Power Company is a leading independent renewable energy power producers in India.

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