Ashish Kacholia-Backed Multibagger Solar Stock Hit 52-Week High; Board Likely to Announce Bonus Shares Tomorrow
The shares of the company saw a spurt in volume by more than 1.32 times on BSE.
On Monday, shares of the solar company gained 2.95 per cent and made a new 52-week high of Rs 3,984.95 per share from its previous closing of Rs 3,870.90. The stock gave multibagger returns of 130 per cent in just 6 months and a whopping 570 per cent in 1 year. The shares of the company saw a spurt in volume by more than 1.32 times on BSE.
The buzzing solar company is INSOLATION ENERGY LTD.
Insolation Energy Ltd informed that the Meeting of the Board of Directors of the Company will be held on Tuesday, November 05, 2024, at the registered office of the Company to consider & approve the following:
- To consider and approve the proposal for sub-division/split of equity shares of the company presently having a face value of Rs 10 each, fully paid up, in such manner as the Board may determine.
- To consider and approve the Alteration in the Capital clause of the Memorandum of Association (MOA) of the Company after the aforesaid proposal of sub-division/ split of equity shares of the Company.
- To finalize the day, date, time and venue for convening the Extra Ordinary General Meeting (EGM)/Postal Ballot process to seek approval of the shareholders of the company and to finalize the draft Notice of EGM/Postal Ballot and such other allied matters
- In addition to the items listed herein above, the Board may consider any other matter with the permission of the Board of Directors.
Earlier, the company achieved a significant milestone by securing a substantial Operation and Maintenance (O&M) contract valued at Rs 500.50 crore from the Rajasthan Renewable Energy Corporation Ltd. (RREC). This 25-year contract encompasses the design, supply, erection, testing, commissioning, and maintenance of 77 MW of grid-connected rooftop solar photovoltaic power projects across various government buildings in Rajasthan. The project is expected to be completed within 18 months.
Additionally, Insolation Green Energy Private Limited, a wholly-owned subsidiary of Insolation Energy Ltd, has secured two significant contracts within the solar energy sector. Firstly, they have awarded a purchase order to Zetwerk Manufacturing Business Private Limited for the supply of 550 Wp solar PV modules at the NTPC Khavada Gujarat site, valued at Rs 208,31,97,917 (including GST). Secondly, the company itself was awarded a contract by Rays Green Energy Manufacturing Private Limited to supply 545WP SPV Panels, valued at Rs 34,21,08,979.60. Both contracts are domestic and expected to be executed within the fiscal year 2024-25.
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Furthermore, an ace investor, Ashish Kacholia’s company - Bengal Finance & Investment Pvt Ltd bought 1,21,600 shares via preferential issue for Rs 3287 per share aggregating to approx. Rs 40 crore.
Insolation Energy Ltd, founded in 2015, is a leading manufacturer of high-efficiency solar panels and modules. Based in Jaipur, India, the company operates a 200 MW manufacturing facility and has recently announced plans to expand its capacity to 500 MW through a subsidiary. In addition to manufacturing, Insolation Energy also provides solar power conditioning units, lead-acid batteries, and EPC services. Its major domestic customers include Livguard Energy Technologies Pvt Ltd, Livfast Batteries Pvt Ltd, Shakti Pumps India Ltd, Microtek International Pvt Ltd, Sunroof Tech Pvt Ltd, etc.
Investors should keep an eye on this solar stock.
Disclaimer: The article is for informational purposes only and not investment advice.