Shree Ganesh Jewellery zooms on debuting in solar power business

Shree Ganesh Jewellery House is currently trading at Rs. 80.60, up by 2.55 points or 3.27% from its previous closing of Rs. 78.05 on the BSE.

The scrip opened at Rs. 79.50 and has touched a high and low of Rs. 81.65 and Rs. 79.00 respectively. So far 52203 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 286.00 on 30-Jun-2011 and a 52 week low of Rs. 69.10 on 28-Mar-2012.

Last one week high and low of the scrip stood at Rs. 83.60 and Rs. 77.65 respectively. The current market cap of the company is Rs. 487.89 crore.

The promoters holding in the company stood at 70.66% while Institutions and Non-Institutions held 10.73% and 18.61% respectively.

Shree Ganesh Jewellery House (SGJHL) has marked its debut in solar power business with Alex Group of Companies in the jewel project of Vibrant Gujarat, the Gujarat Solar Park, Asia’s largest single location installation of over 200 MW. The company has just commenced generating power with a 25 MW plant, with an investment of Rs 400 crore, of the largest category at the Gujarat Solar Park to be inaugurated on April 19, 2012.

Alex Group of Companies is aggressively looking at scaling up the solar energy business, targeting 500 MW in 3 years with a ballpark investment of Rs 5000 crore. The funding will be done through private equity participation and internal accruals. The business is a cash generating model and would not require hand holding and further significant investment by SGJHL.

The Gujarat project has been recognized by the government for a record turnkey time of just 89 days and is expected to generate approximately Rs 60 crore revenues every year. Moreover both the projects are about to be registered for carbon credits with the UNFCCC very soon. 

Besides the current 25 MW plant in Gujarat, the company has signed a MoU for setting up an additional 25MW in Phase III of the Gujarat Solar Park and further 50 MW has been applied for which is under consideration by the Gujarat Government. The order pipeline in the next 2 years is expected to include a 50 MW in UP, 25 MW in Jharkhand, 25 (20+5) MW in Odisha, 25MW in Rajasthan and 75MW project in Bihar where the project has received clearance from the state industrial promotion board.