This penny stock which is a pioneer in the field of renewable energy is offering 3:10 bonus shares!

With price action and sector tailwind behind this stock, it ticks most of the boxes to be on your watchlist!

Veer Energy and Infrastructure is a microcap with a market cap of Rs 22.3 crore. Its main operations are to create infrastructure development facilities for the installation of the Wind Turbine Generator. As one of the pioneers in the field of renewable energy, the company is very well-positioned to take advantage of the ever-increasing demand for renewable energy resources.

On Friday, the stock saw a good buying interest, the buying interest was powerful that the stock was locked at an upper circuit limit of the day. The stock opened at a level of Rs 16.60 and interestingly, the low of the day was identical, while the high and the close of the day were also similar as the stock closed at Rs 19.40, up by 19.74 per cent. This resulted in a trending day for the stock. A trend day occurs when there is an expansion in the daily trading range and the open and close are near opposite extremes.

Talking about the total trade volumes for the day, on Friday, the stock reported a total traded volume to the tune of 4.75 lakh shares, which is almost a five-fold jump when compared to its 10-day average volume. So, the up-move was seen on the back of the robust volume.

Now, here is the interesting thing about this stock, the company has fixed November 25, 2022, as the Record Date to ascertain the eligibility of the shareholders entitled to the issuance of Bonus Equity Shares of the company in the proportion of 3 (Three) Equity Share of Rs 10 each for every 10 (Ten) Equity Share of Rs 10 each.

The stock has performed exceptionally well as it has delivered returns of over 60 per cent in the last six months. Interestingly, with this ascend, the stock is trading near its 52-week high of Rs 20.50 and on the weekly chart, the stock is undergoing a formation of an inverted head and shoulder pattern.

So, watch out for this penny stock as fireworks could be seen above the level of Rs 20.50. Technological advancements and supportive policy measures can dramatically increase the future of wind energy development in our nation and our world. Wind power has the unique ability to provide even greater sources of distributed energy production, which means less risk and a stronger energy portfolio. Our policy framework in wind energy generation is extremely investor-friendly and an attractive tariff and regulatory regime provide a strong foundation for the growth of the sector.

With price action and sector tailwind behind this stock, it ticks most of the boxes to be on your watchlist!