Ceigall India Shares Rise 2% After Securing 190 MW Solar Power Project LOI

Mumbai, September 8, 2025 – The share of Ceigall India Limited (NSE: CEIGALL, BSE: 544223) gained close to 2% in the early morning trade after the company announced the receipt of an LOA (Letter of Intent) from MSEDCL (Maharashtra State Electricity Distribution Company). The LOA relates to a 190 MW solar power project under the Mukhyamantri Saur Vahini Yojana 2.0.

Share Price Movement (As of 10:30 AM)

The stock opened high on Monday and reached the intraday high of ₹286.30 (approx. 4.30% higher from its previous day’s close). However, it consolidated a bit after the early morning rush and reached ₹279.66 (up by 2.04%) with a strong buyer interest. The total volume by 10:30 AM was 3.17 lakhs, and the stock’s market cap was more than ₹4877 crore. The company’s P/E ratio is 17.84 compared to the industrial average of 24.09. After today’s early morning surge, the stock has risen more than 11.70% in the past month.

Key Triggers

As underlined, the company received an LOI from the Maharashtra government’s undertaking, making it a critical part of the solar and renewable power expansion in the state. The LOA has been awarded under the tariff-based competitive bidding process. Though there are limited details available about the project, the company will disclose additional details soon.

About Ceigall India

Ceigall India Limited, listed on NSE and BSE since August 2024, operates in the civil construction and infrastructure sector with a growing presence in renewable energy projects. The latest LOI positions the company strategically in Maharashtra’s solar power expansion drive.

REF: https://nsearchives.nseindia.com/corporate/ceigall_07092025110434_Letter_of_Intenet_190MW_070925.pdf

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