Orient Green Power share price rallied as much as 9% on NSE in Wednesday’s trading session after credit rating agency ICRA has assigned the credit ratings for its operating subsidiaries, Beta Wind Farm Private Limited and Delta Renewable Energy Private Limited.
shares opened at ₹9.06 per share today, as compared to previous close of ₹9.15 on Tuesday. The stock touched an intraday high of ₹10.45 on 9 September.
Meanwhile, benchmark indices Sensex and Nifty came under heavy selling pressure in early trade on Wednesday. The 30-share BSE Sensex plunged 500.25 points to 75,060.61, while the 50-share NSE Nifty fell 129.40 points to 23,506.10.
Orient Green Power’s credit rating details
In an exchange filing dated 9 September, informed that ICRA has assigned BBB (Stable) rating for Beta’s existing loan facility of ₹458.63 crore — a one-notch improvement from the rating of CRISIL BBB- (Positive) assigned by CRISIL Ratings Limited.
Beta Wind Farm is a key subsidiary of OGPCL and operates 241.6 MW of wind energy projects across Tamil Nadu, Andhra Pradesh, Gujarat, and Karnataka.
The company further said that ICRA also reviewed Beta’s proposed 6.6 MW wind power expansion and assigned the same ICRA BBB (Stable) rating for the upcoming loan facility. The ratings consider the strengths from revenue visibility from the long-term Power Purchase Agreements(PPAs), established track record and improved receivable profile.
Meanwhile, ICRA also reviewed Delta’s existing ₹21 crore loan and proposed ₹64 Crore loan, assigning an ICRA BBB (Stable) rating to both facilities.
“The company plans to leverage this new solar capacity to support further business expansion. The ratings assigned considers the strengths from revenue visibility from the long-term Power Purchase Agreements(PPAs), credit profile of customers and comfortable debt coverage metrics,” it said.
Orient Green Power share price trend
share price has remained volatile amid weak market sentiments. The stock has gained 6% in a week, however, has fallen over 1.4% in a month.
Furthermore, Orient Green Power shares have descended 14% in three months and 16.15% on year-to-date (YTD) basis.
Looking at the broader level, the stock has corrected 30% in a year. Meanwhile, the stock has given multibagger returns of 278% in three years.
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