Stock Market: This stock saw a sharp recovery in the last minutes, recently listed company received a big order:

News Topical, Digital Desk : The stock of Solarworld Energy Solutions, a solar energy solutions provider listed in the BSE IPO, saw heavy buying in the final minutes of trading on Tuesday, recovering more than 7% from its lows. The company announced receiving a large order, which is more than twice the size of the company's free float market cap. The news arrived in the final 45 minutes of market hours, prompting buying in the stock.

What information has the company provided?

In a filing with the stock exchange, the company stated that it has signed a Battery Energy Storage Purchase Agreement for the development of battery energy storage systems in Gujarat. This agreement has been signed with Gujarat Urja Vikas Nigam Limited. The order is valued at ₹806 crore and has a tenure of 12 years. The company was incorporated in 2013 and its clients include SJVN Green Energy, Haldiram Snacks, and Ethnic Foods. The company listed on the stock this year. Following the listing, the stock saw a sharp decline and is currently trading below ₹300 compared to its issue price of ₹351.

How has the stock performed ?

The stock closed today at around ₹293, a gain of 2.6% from its previous close. Initially, the stock saw a sharp decline, sliding to ₹272.9. However, as the news broke, the stock gained momentum and rose above ₹298. This means the stock has gained over 9% from its intraday lows. The stock closed 7% higher from its intraday lows. The company's market value is below ₹2,550 crore, while its free float market cap is less than ₹350 crore.