Ujaas Energy surged 15% intra day to Rs,16.49 and it is now at Rs.15.26, up almost 6.5%. Volumes have risen around two times.

The company has received a Letter of Award (LoA) from Oil India worth Rs.88 crore. The contract is for engineering, procurement & construction for 9MWP(DC) grid interactive solar photo voitaic(SPV) power plant at Ramgarh, Jaisalmer along with its comprehensive operation & maintenance (O&M) for 25 years.

Ujaas Energy is the first company to generate & sell Solar REC in the country from its solar power plant of 2 MW commissioned in March 2012 at Rajgarh (Madhya Pradesh). The company during its initial years was involved in manufacturing of transformers and panel meters for energy controlling and earlier, till 2013, it was listed as M and B Switchgear.

The company had ended Q1Fy16 with a net profit of Rs.1.43 crore v/s Rs.1.47 crore in previous Q1. Only 12% of revenue comes from transformers; rest all from solar power plant operation and manufacture and sale of solar power systems. Promoters hold 70.69% take with no FII stake.