Infrastructure company ‘SPML Infra’ shares surged on Friday (September 4). The shares rose by more than 5 percent to Rs 183 during trading. By the end of trading, the shares had increased by 4.46 percent to close at Rs 181.55. The main reason for this sudden rise in the shares is the information given about the company’s ‘Battery Energy Storage System’ (BESS) business. Let’s know about it in detail.
What is the business update?
SPML Infra has announced that its 104.4 kWh battery pack, built using its own ‘Intellectual Property’ (IP), has passed the required international safety, performance, transport certification and testing processes. The company’s main goal is to develop indigenous technology and manufacturing capabilities to meet the needs of India’s fast-growing ‘grid-scale energy storage’ market, and this battery pack is a part of that program.
What did the company official say?
According to Abhinandan Sethi, Managing Director, SPML Infra Limited, the company’s own 104.4 kWh battery pack receiving certification is an important milestone in its energy storage journey. Abhinandan Sethi said that this achievement is special because the company is not just focused on manufacturing or completing projects but also enhancing its technology and engineering capabilities. Getting international certification has proven the safety of the product and high-quality engineering capabilities.
The company aims to create an integrated Indian energy storage platform, which includes in-house product development, manufacturing, system integration and large-scale project execution. This will have far-reaching benefits as energy storage is becoming a crucial part of India’s power infrastructure, said Abhinandan Sethi Biswas.
Share Performance:
SPML Infra shares are down 6 per cent in two weeks and 6.53 per cent in a month. It is down 9.75 per cent in 3 months and 4.86 per cent year-to-date (YTD) shares. It has fallen 36.5 per cent in the last one year. However, the stock has given attractive returns of 388 per cent in the last three years and 1,516.07 per cent in five years.
What do experts say?
According to technical analysis by Sudeep Shah, Head of Technical and Derivatives Research, SBI Securities, the stock is currently below the key ‘moving average’ on the daily chart. According to Sudeep Shah, the Rs 195-200 level is a major resistance zone. As long as the stock remains below this level, it is likely to remain in a bearish trend.
