FIIs bought 2,19,924 shares & DIIs bought 88,990 shares: Solar Power Generation Company enters into an MOU with State Bank of India
The stock gave multibagger returns of 255 per cent from its 52-week low of Rs 140 per share.
Zodiac Energy Limited announced that it has entered into a Memorandum of Understanding (MOU) with the State Bank of India (SBI) on November 19, 2024. This strategic partnership aims to facilitate financial assistance of up to Rs 10 crore to Zodiac Energy Limited's customers who intend to purchase Solar Photovoltaic Plants. SBI will provide financial assistance based on its rigorous credit assessment process, ensuring a seamless and efficient financing solution for customers. This MOU, valid for a period of two years, is subject to renewal by mutual agreement between both parties, further solidifying the long-term commitment to promoting sustainable energy solutions.
Earlier, the company has secured a significant order from Ahmedabad Municipal Corporation (AMC) for the development of a 30MW ground-mounted solar project in Gujarat. This domestic order, valued at Rs. 154.27 Crores, encompasses design, supply, installation, testing, commissioning, and subsequent operation and maintenance for five years. The project is expected to be completed within 18 months from the order's receipt date.
About the Company
Zodiac Energy Ltd., a leading renewable energy company since 1992, specializes in solar power solutions. They offer comprehensive turnkey services for various applications, from residential to industrial. With a strong track record, they've served over 10,000 clients, including prominent names like Amul and ISRO. Committed to innovation, they explore emerging technologies like electric vehicles and energy storage, empowering businesses and individuals to embrace a sustainable future.
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According to the Quarterly Results, the net sales increased by 53 per cent to Rs 52.77 crore and net profit increased by 68 per cent to Rs 2.49 crore in Q2FY25 compared to Q2FY24. In H1FY25, net sales increased by 99 per cent to Rs 132.11 crore and net profit increased by 110 per cent to Rs 4.82 crore compared to H1FY24.
In September 2024, FIIs & DIIs took a fresh entry and bought 2,19,924 shares and 88,990 shares respectively and increased their stake to 1.46 per cent and 0.59 per cent, respectively. The company have a market cap of Rs 724 crore and has delivered good profit growth of 28.4 per cent CAGR over last 5 years. The shares of the company have an ROE of 26 per cent and an ROCE of 23 per cent. The stock gave multibagger returns of 255 per cent from its 52-week low of Rs 140 per share. Investors should keep an eye on this solar stock.
Disclaimer: The article is for informational purposes only and not investment advice.