Debt-free multibagger power penny stock under Rs 40 to keep under radar as Board to increase authorized share capital from Rs 20 crore to Rs 35 crore
The stock is trading at 0.70 times its book value and gave multibagger returns of 116.5 per cent from its 52-week low of Rs 13.60 per share.
Veer Energy & Infrastructure Ltd has announced the outcomes of its Board of Directors meeting held on September 03, 2024. The Board approved an increase in the company's Authorized Share Capital from Rs 20 crore to Rs 35 crore, necessitating an alteration to the Memorandum of Association. Furthermore, the Board decided to convene the 44th Annual General Meeting (AGM) of the Company on Monday, September 30, 2024, at 10:30 AM, which will take place at 6, New Nandu Industrial Estate, Mahakali Caves Road, Andheri (E), Mumbai-400093. In preparation for the AGM, the Register of Members and Share Transfer Books of the Company will be closed from September 24, 2024, to September 30, 2024 (inclusive).
Veer Energy & Infrastructure Limited has successfully sold a high-tech wind turbine installation valued at Rs 429 lakh, aligning with its commitment to sustainable energy solutions. The wind turbine, with a capacity of 800 KW or 850 KW, is part of a larger installation with a total capacity of 2450 KW, strategically located in Kutch, Gujarat. This transaction represents a significant step forward in the company's mission to promote clean and renewable energy, while also underscoring its dedication to providing exceptional service. Veer Energy & Infrastructure will continue to oversee the operation and management of the sold wind turbine, leveraging its cutting-edge technology to enhance its capabilities in generating sustainable energy and contributing to reducing carbon emissions. This strategic move reinforces the company's position as a leader in the renewable energy sector.
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On Tuesday, shares of Veer Energy & Infrastructure Ltd hit a 10 per cent upper circuit to an intraday high Rs 35.64 per share from its previous closing of Rs 32.40. The stock also made a new 52-week high is Rs 35.64 and its 52-week low of Rs 13.60. The stock has been hitting back-to-back upper circuits and saw a spurt in volume by more than 5 times on BSE today. At the closing bell, shares of the company were trading at Rs 29.44 per share, down 9.14 per cent.
The company has a market cap of Rs 44 crore and as of June 2024, it is debt-free. The stock is trading at 0.70 times its book value and gave multibagger returns of 116.5 per cent from its 52-week low of Rs 13.60 per share. Investors should keep an eye on this power penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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