New Delhi, April 13 -- Shares of ACME Solar Holdings Ltd surged nearly 7% on Monday, April 13, outperforming weak market trends after global brokerage HSBC initiated coverage with a 'Buy' rating and a target price of Rs.350, implying an upside of 30%.

HSBC highlighted that ACME currently operates around 3 GW of generation capacity, with an additional ~3.3 GW tied up under long-term, 25-year power purchase agreements (PPAs). These contracted projects are expected to drive a 2.7x increase in overall capacity over the next two to three years.

Beyond this, according to the brokerage, the company has a further 1.8 GW of awarded projects that are yet to be converted into PPAs, providing additional growth visibility. Strategically, ACME is tra...