6,500 per cent returns in this multibagger penny stock under Rs 20: This micro-cap company is setting up solar power plant with a capacity of 3MW!

The stock gave multibagger returns of 2,600 per cent in 2 years and over 6,500 per cent returns in 3 years.

Ashnisha Industries Ltd informed that the company has signed a Letter of Intent (LOI) for the land situated at Patdi Village, Surendra Nagar District, to be used for setting up a Solar Power Plant with a capacity of 3MW. Authorized Mr Shalin A. Shah, Director of the Company has collaborated with Vendor(s) for procurement of land on lease for the purpose of setting up solar power plant fields.

Ashnisha Industries Limited operates as a steel producer. The Company engages in the manufacturing and trading of steel and steel alloys, as well as provides trading and investment services. Ashnisha Industries serves customers in India.

After rising nearly 670 per cent in just 1 year, shares of Ashnisha Industries Limited are undergoing a correction and have hit the lower circuit for the fourth straight day. Today, shares of Ashnisha Industries Limited plunged 5 per cent to Rs 19.26 per share from its previous closing of Rs 20.27. The 52-week high of the stock is Rs 25.77 and the 52-week low of Rs 2.44.

Also read: Vijay Kedia gains Rs 4,83,31,875 from this multibagger penny stock below Rs 100 in just 21 days with robust order book worth Rs 2,961 crore; Do you own it?

Talking about the financials, Ashnisha Industries has a market cap of over Rs 190 crore with a 3-year stock price CAGR of 305 per cent. The company reported excellent numbers in its Quarterly Results (Q1FY24) and annual results (FY23).

The stock gave multibagger returns of 2,600 per cent in 2 years and over 6,500 per cent returns in 3 years. Investors should keep an eye on this micro-cap stock.

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