India, Sept. 17 -- Suratwwala Business Group, the Pune real estate firm that's been quietly building out a second business line in solar, just picked up a contract worth watching. A regional sugar cooperative has handed its subsidiary an EPC order for a mid-sized solar installation in Sangli district, complete with a multi-year maintenance commitment attached. Coming while the company's flagship commercial project in Hinjewadi is still under construction, the order raises a fair question how much of Suratwwala's future growth story is now riding on solar rather than concrete.

Shares of Suratwaala Business Group Ltd are trading at Rs. 25.78, up 19.96 percent on Thursday. The stock touched the intraday high of Rs. 25.78 after opening at R...