500 per cent returns in this multibagger penny stock under Rs 5: This micro-cap company is setting up a solar power project of up to 1.5 MW

The stock gave multibagger returns of over 500 per cent returns in 5 years.

Ashnisha Industries Limited has announced the successful signing of two critical agreements for its 1.5 MW solar power project in Banaskantha, Gujarat. The first agreement, with Uttar Gujarat Vij Company Limited (UGVCL) and Gujarat Energy Transmission Corporation Limited (GETCO), establishes the terms for grid connection, ensuring compliance with technical and safety standards. This agreement outlines the responsibilities of all parties involved in the interconnection and operation of the solar plant, covering aspects like technical specifications, safety protocols, and inspection procedures.

The second agreement, a Power Purchase Agreement (PPA) with UGVCL, formalizes the sale of electricity generated by the solar plant. Under this PPA, Ashnisha Industries will act as the power producer, and UGVCL will be the power procurer, establishing a long-term partnership. The PPA details the terms and conditions of the power sale, including tariffs, technical configurations, delivery, licenses, and other essential terms, ensuring a stable and structured arrangement for the project's operation. Both agreements were signed and no related party transactions or shareholding issues were identified in either agreement.

Today, shares of Ashnisha Industries Ltd gained 2.02 per cent to Rs 3.53 per share from its previous closing of Rs 3.46 per share. The 52-week high of the stock is Rs 8 per share and the 52-week low is Rs 3.25 per share.

Ashnisha Industries has a market cap of Rs 35 crore with a 3-year stock price CAGR of 45 per cent. The stock gave multibagger returns of over 500 per cent returns in 5 years. Investors should keep an eye on this micro-cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.