Promoters sold 4,82,38,522 shares of this penny stock below Rs 5: This company is harnessing solar power for sustainable growth and significant cost savings!

The stock gave multibagger returns of 287 per cent in 3 years.

Akshar Spintex Ltd is excited to announce a major step towards sustainability and efficiency: a Solar Ground Mounted System with a 7000 KVA capacity and an 11KV transmission line, installed in partnership with Onix Renewable Limited. This project reflects our commitment to environmental responsibility and cost-effectiveness, reducing our carbon footprint and promoting energy efficiency.

Akshar Spintex Ltd is currently installing a Solar Ground Mounted System expected to be completed by September 2024. This initiative, driven by our commitment to sustainability, is anticipated to generate significant environmental and financial benefits. The system is expected to yield annual cost savings of Rs 8 to Rs 9 crore, further enhanced by government subsidies, and contribute to our financial sustainability. We believe this responsible business practice not only reduces our environmental impact but also paves the way for a brighter future.

Today, shares of Akshar Spintex Ltd plunged 4.45 per cent to Rs 3.22 per share from its previous closing of Rs 3.37 with an intraday high of Rs 3.43 and an intraday low of Rs 3.21. The stock’s 52-week high is Rs 7 and its 52-week low is Rs 3.21.

Recently, the shares of the company ex-traded bonus shares in the ratio of 1:5 i.e., 1 new bonus equity share for every 5 existing fully paid-up equity shares of Rs 1 each, subject to approval by the members of the company. The ex-date for bonus shares was Thursday, February 08, 2024. Additionally, the company received an order worth Rs 171 crore from Beximcorp Textiles, Tejgaon, Dhaka-1208. The order includes supplying 7,400 MT processed cotton yarn in 4 phases and has to be completed in 4 phases within 18 months from the date of acceptance.

According to the Quarterly Results, the net sales increased by 44.4 per cent to Rs 44.80 crore and net profit increased by 49 per cent to Rs 0.70 crore in Q3FY24 compared to Q3FY23. In its annual results, the company reported net sales of Rs 135.5 crore and a net loss of Rs 2.76 crore in FY23.

Jamnagar, Gujarat-based, Akshar Spintex Limited (ASL) was incorporated in June 2013. ASL manufactures carded, combed and compact cotton yarn of finer quality ranging between 16s to 44s counts. The company have reduced its debt and its current debt is Rs 17.3 crore. The company has a market cap of Rs 117 crore.

The promoters of the company sold 4,82,38,522 shares and decreased their stake to 15.23 per cent in February 2024 compared to December 2023 holding. The stock gave multibagger returns of 287 per cent 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.