Shares of newly-listed Premier Energies Ltd. rallied another 18% in trade Friday (September 6). This is after the stock gained nearly 15% on Thursday.

At this price, the multibagger stock has surged by 164% from its IPO price of ₹450 per share.

The company, on Thursday, informed the exchanges that it has won an order worth ₹215 crore for 8,085 solar water pumping systems across various districts of Uttar Pradesh.

This order is scheduled for completion by March next year.

The order, from the Uttar Pradesh Department of Agriculture, involves the supply, installation, and commissioning with a five-year comprehensive warranty, according to an exchange filing.

Premier Energies said that the order has been awarded under Component-B of the PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan) scheme, which is aimed at ensuring energy security for Indian farmers.

The scheme also is in-line with the country’s commitment to increase the share of installed capacity of electric power from non-fossil-fuel sources to 40% by 2030.

Premier Energies listed on the bourses earlier on Tuesday at a premium of 120%, compared to the issue price mentioned above.

The stock was under the spotlight as it had sold a portion of its shares to a clutch of investors and funds just days before the IPO opened for subscription.

In a recent interaction with CNBC-TV18, Premier Energies Managing Director Chiranjeev Singh Saluja said that this was done to meet the excess investor demand and is within the regulations.

Premier Energies manufactures integrated solar cell and solar panel. The company’s product portfolio includes Cell, Solar Module, Monofacial modulesBifacial modules, EPC Solutions and O&M Solutions.

The company has five manufacturing units, all of which are situated in Hyderabad, Telangana, India.

Premier Energies recorded a revenue of ₹1,657 crore in the June quarter, compared to ₹611 crore a year ago. The company’s net profit for the quarter stood at ₹198 crore as against ₹31 crore last year. Its EBITDA margin for the quarter stood at 22.16% as against 12.44% last year.

On Friday, shares of Premier Energies Ltd. are currently trading 12.46% higher at ₹1,130. At the current level, the company’s market capitalisation stood at ₹50,667 crore.