SPML Infra’s Stock Soars After Major Energy Partnership

SPML Infra’s stock recently experienced an exciting surge, hitting the 5% upper circuit limit as a result of its new partnership with a prominent U.S. energy firm. This collaboration with Energy Vault, a global leader in sustainable energy storage solutions, is set to revolutionize the production and deployment of energy storage systems in India, marking a significant step towards enhancing the country’s renewable energy capabilities.

Strategic Partnership for Energy Storage Solutions

In an official statement to the stock exchange, SPML Infra revealed that it has signed an exclusive agreement with Energy Vault, aimed at transferring cutting-edge technology to accelerate the development of Battery Energy Storage Systems (BESS) in India. This partnership is expected to empower SPML Infra to deploy multi-gigawatt hours (GWh) of energy storage, addressing India’s growing needs for renewable energy and energy storage solutions.

• Minimum Commitment: 500 MWh over the next year
• Target Production: 30-40+ GWh of BESS over the next decade

Leveraging Local Manufacturing and Market Knowledge

This strategic alliance allows SPML Infra to harness the advantages of local manufacturing while capitalizing on its extensive experience in the energy market. The combination of these elements positions the company competitively within India’s rapidly evolving energy storage landscape.

“India is on the verge of a significant energy transformation, and the demand for large-scale, efficient energy storage solutions is escalating at an impressive rate,” said Subhash Sethi, Chairman of SPML Infra. He highlighted the government’s emphasis on integrating battery storage into renewable projects, expressing pride in introducing Energy Vault’s highly reliable technology to the Indian market. This initiative aligns seamlessly with the ‘Make in India’ campaign, aiming to bolster grid stability and promote renewable energy adoption.

SPML Infra Share Price Insights

As of today, SPML Infra shares opened at ₹175.85 on the BSE. Over the past five years, the stock has impressively risen by 3,280.77%. However, it faced a notable 52.95% correction in just 14 weeks, followed by a period of consolidation characterized by a solid six-week base formation.

Anshul Jain, Head of Research at Lakshmishree Investment and Securities, noted that SPML Infra’s stock is currently experiencing a "dead cat bounce," with increased trading volumes and higher lows on the daily chart. The stock has successfully reclaimed its 10- and 20-day EMAs and is now testing the 50-day EMA at ₹175.

Jain advised, “A sustained move past the ₹175-177 range could amplify the stock’s upward momentum, with a potential target of ₹213, representing a 50% retracement of the recent decline. Traders should monitor for volume spikes above ₹177 to confirm further bullish trends.”

In summary, SPML Infra’s collaboration with Energy Vault not only promises to enhance India’s energy storage capabilities but also positions the company for potential growth in the renewable energy sector. As the demand for innovative energy solutions continues to rise, SPML Infra stands ready to play a pivotal role in this transformation.