M and B Switchgears zooms 35% on trading of solar RECs

The company has become the first solar power producer in India to be issued 249 Solar RECs by the National Load Dispatch Centre in New Delhi.

M and B Switchgears has soared 11% to Rs 99.95, extending its three day’s rally after the two power trading exchanges Indian Energy Exchange (IEX) and Power Exchange India Ltd. (PXIL) commenced trading of solar Renewable Energy Certificates (RECs) on Monday.

M and B Switchgears Ltd. has become the first solar power producer in India to be issued 249 Solar RECs by the National Load Dispatch Centre in New Delhi.
“These REC’s are likely to be traded in power exchanges on May 30, 2012, within a price band of Rs 9300/- to Rs 13,400/-per REC,” the company said in a filing.
The stock has outperforming the market by surging 35% in past four trading days, compared to 4% rise in the benchmark index Sensex and 2% gain in the small-cap index.

As many as a combined 462,435 shares have already changed hands on the counter till morning deals, against an average sub 150,000 shares that were traded daily in past two weeks.
Source: BS

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