CESC shares trade higher on Crescent Power’s acquisition of Purvah Green Power

According to the company, the acquisition is in order to increase the company’s renewable footprint and partially meeting its renewables purchase obligations of its distribution business.

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CESC shares gained over 1 percent at the open on the NSE on March 6, a day  after its subsidiary Crescent Power acquired 100 percent shareholding of Purvah Green Power. At 9:30am, the stock was trading at Rs 129.80. Over the last one year, the CESC stock has rallied over 86 percent and over the last five years, more than 89 percent.

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In a regulatory filing on March 6, CESC reported that its subsidiary Crescent Power has acquired 100 percent shareholding of Purvah Green Power to increase the company’s renewable footprint and partially meeting its renewables purchase obligations of its distribution business.

Also read: Inox Wind bags 1,500 MW wind energy order from CESC

The power utility reported an 11.9 percent year-on-year (YoY) decline in net profit to Rs 281 crore for Q3FY24. Revenue for the same period increased by 3.7 percent to Rs 3,244 crore and EBITDA fell 30.2 percent to Rs 346 crore from Rs 496 crore in the previous fiscal.

CESC is a fully integrated electrical utility company based in Kolkata and Howrah, dealing in generation, transmission, and distribution of electrical power.

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