Shares of KPI Green Energy, one of the leading players in the renewable energy sector, ended Monday's trading session 9% higher at ₹331 apiece, bringing much-needed optimism to investors as the stock has been struggling with steep losses since April.
Although there was no immediate fundamental trigger behind the rally, a sharp surge in trading volumes accompanied the stock's strong performance. Around 40.5 million shares changed hands across the BSE and NSE during the session, 64.35 times higher than the weekly average, according to Trendlyne data.
Monday's rally lifted the stock's month-to-date gains to 19.6%, helping it recover much of the 23% decline recorded in October. Nevertheless, the stock remains down 34%, reflecting the losses accumulated over the past few months, and is on track for its biggest annual decline since 2021.
Meanwhile, the sudden buying interest in the beaten-down counter comes just days ahead of the company's September quarter results, scheduled for Friday, November 13.
Last week, the company announced that it had energised 49.7 MW of solar capacity and 121.8 MWp of hybrid energy capacity at Bharuch in Gujarat.