Stock to buy: Acme Solar shares surge 8% as Motilal Oswal, JM Financial initiate coverage, see 26-59% upside potential | Stock Market News
Source: Live Mint
Rising for the second consecutive session, Acme Solar share price surged almost 8 per cent in morning trade on the BSE on Wednesday, February 5. Acme Solar shares opened at ₹215 against their previous close of ₹207.60 and rose 7.8 per cent to the level of ₹223.75. Around 11 AM, the stock traded 6.70 per cent higher at ₹221.50 apiece.
The recently-listed stock jumped after top brokerage firms, including Motilal Oswal Financial Services and JM Financial, initiated coverage on the stock, expressing bullish views.
ACME Solar Holdings share price debuted on November 13 last year. As of the previous session’s close of 207.60, the stock is down 28 per cent against its issue price of ₹289.
The stock hit an all-time high of ₹292 on December 4 last year and an all-time low of ₹167.55 on January 28 this year.
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Acme Solar shares: Ready to rise?
Brokerage firm Motilal Oswal Financial Services has initiated coverage on the stock with a buy call, pegging the target price at ₹330, implying an upside potential of 59 per cent.
The brokerage firm finds the stock to be a focused play in the renewable energy theme.
“ACME Solar Holdings boasts a diversified portfolio of nearly 7GW of renewable capacity, spanning solar, wind, hybrid, and firm and dispatchable renewable energy (FDRE) projects. As of date, the company has an operational portfolio of nearly 2.5GW, while the total project pipeline, including under-construction projects, stands at about 4.4GW,” Motilal Oswal observed.
