Upper Circuit Alert: Micro-Cap Company Receives Letter of Intent from Gujarat Urja Vikas Nigam Limited
The company has a market cap of Rs 149.18 crore and stock is up by 71 per cent from its 52-week low of Rs 64.05 per share.
AuSom Enterprise Limited has been awarded a Letter of Intent from Gujarat Urja Vikas Nigam Limited on November 11, 2024, for the procurement of 50 MW of Solar Photovoltaic Power through a competitive bidding process. To execute this project, Ausom Enterprise Limited will establish a 100 per cent subsidiary company, to be named Ausom Power Private Limited, Ausom Energy Private Limited or another approved name, as a Special Purpose Vehicle (SPV). This SPV will be incorporated in India and registered with the Registrar of Companies, Gujarat at Ahmedabad. The project is expected to span 25 years, with a tariff of Rs 2.55 per kWh.
AuSom Enterprise Ltd, a company established in 1984, is a diversified enterprise engaged in various business activities. The company is primarily involved in trading financial instruments and commodities. Additionally, it has a significant presence in the manufacturing and trading of jewelry. As part of the Mandalia Group, Ausom Enterprise Ltd. leverages its expertise and resources to participate in a wide range of market activities, including trading in commodities, bullion, gold jewelry, diamonds, derivatives, shares, securities, and mutual fund units.
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On Wednesday, shares of AuSom Enterprise Ltd hit a 5 per cent upper circuit to Rs 109.50 per share from its previous closing of Rs 104.30 per share. The stock’s 52-week high is Rs 185.75 per share and its 52-week low is Rs 64.05 per share. The company has a market cap of Rs 149.18 crore and stock is up by 71 per cent from its 52-week low of Rs 64.05 per share. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.