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The target price of Rs 51 per share, represents a 49.77% premium over the ruling market price.
Meanwhile, the BSE Sensex was up 128.23 points, or 0.65%, to 19,978.23.
On BSE, 8.69 lakh shares were traded in the counter compared with average volume of 48,000 shares over the past two weeks.
The stock hit a high of Rs 35.50 and a low of Rs 32 so far during the day.
Shares of Orient Green Power Company debuted on the stock exchanges on 8 October 2010 at Rs 45.70 on BSE, a 2.77% discount to the initial public offer (IPO) price of Rs 47. On that day, the stock closed at Rs 44.90, a 4.47% discount to the initial public offer price.
The favorable operating environment for renewable energy in India, lower gestation period for projects unlike conventional power plants and plans to expand overseas, bode well for the company, the foreign brokerage said in a note.
On a consolidated basis, Orient Green Power Company reported a net profit of Rs 8.72 crore in Q2 September 2010 compared with a net loss of Rs 4.60 crore in Q2 September 2009. Net sales surged 675.4% to Rs 62.03 crore in Q2 September 2010 over Q2 September 2009.
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