Penny Stock Trading at Rs 16 Near All-time High: The Company Setting Up of Solar Power Plant & Exploring Acquisition Opportunities
The stock has given more than 69 per cent returns in the last one year.
The Board of Directors of Rhetan TMT Ltd in its meeting held today i.e. on Friday, 20th September, 2024 has approved the establishment of a solar power plant with a capacity of up to 2 MW.
This facility will occupy an area of approx 20,000 square meters and will be located in the village of Untarda, Taluka Bayad, District Aravalli. A Letter of Intent (LOI) has already been executed to initiate this project. The Company will proceed to submit an application to the Gujarat Energy Development Agency (GEDA) to secure the necessary approvals. Following this, a Technical Feasibility Report (TFR) will be obtained to assess the project's viability. Subsequently, a lease agreement for the designated property will be executed to facilitate the development of the solar power plant. The solar power plant is designed specifically for captive consumption at the TMT Bars factory in Kadi, Gujarat
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The Board of Directors has decided to explore opportunities to strengthen its position in the steel industry through strategic acquisitions. To kick-start this process, it will be entering into initial noncommitment agreements with targeted companies, allowing the Company to conduct due diligence. This approach will enable us to assess potential synergies and ensure that any acquisitions align with our long-term growth strategy.
According to Quarterly Results, the net sales decreased by 20.37 per cent to Rs 19.35 crore in Q1FY25 compared to Rs 19.35 crore in Q1FY24. The company reported a net profit of Rs 0.81 crore in Q1FY25 compared to a net profit of Rs 0.76 crore in Q1FY24, an increase of 6.57 per cent.
Incorporated in 1984, Rhetan TMT Ltd is in the business of Manufacturing of TMT Bars
This penny stock is trading at Rs 16. The company has a market cap of Rs 1,289 crore and has ROE of 4.4 per cent. The stock has given more than 69 per cent returns in the last one year.
Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.