India, Sept. 17 -- Power-intensive manufacturers across India have increasingly stopped treating electricity as a fixed overhead and started treating it as something they can actively hedge, by taking a stake in a renewable generator rather than simply signing a supply contract. Group captive open access structures under the Electricity Act let a company buy a small equity slice of a solar or wind project and, in return, draw power from it at a locked-in cost that is largely insulated from the annual tariff hikes utilities pass on to industrial users. That structure sits at the centre of Valiant Laboratories' newest move.

Shares of Valiant Laboratories Ltd. were trading at Rs. 122.75, up 5.00 percent from previous close of Rs. 116.91. T...