10:51 Rights Issue: LIC-Backed Multibagger Penny Stock Under Rs 20 In Green After Expansion of Solar Capacity to An Extent of 25 MW AC
The stock gave multibagger returns of 600 per cent in 5 years.
On Tuesday, shares of this LIC-Backed company were trading at Rs 17.92 per share, up 2 per cent from its previous closing of Rs 17.57 per share with an intraday high of Rs 18.08 per share and an intraday low of Rs 17.57 per share. The stock gave multibagger returns of 600 per cent in 5 years.
The stock name is Orient Green Power Company Limited.
Orient Green Power Company Limited is a leading renewable energy company focused on wind power generation. The company has a diversified portfolio of wind energy power plants strategically located across India, including Tamil Nadu, Karnataka and Gujarat. By developing, owning, and operating these plants, Orient Green Power can generate and sell clean, sustainable electricity to the grid.
Orient Green Power Company Limited has announced an expansion of its Phase 1 Power Project in Tamil Nadu. The project, originally planned for 19.8 MW AC, will now be scaled up to 25 MW AC. Additionally, the company has decided to change the EPC contractor from Solon India Private Limited to Natrinai Ventures Limited. The Rights Issue Committee has been authorized to finalize the terms and conditions for the appointment of the new EPC contractor, including potential changes in capacity, location within Tamil Nadu, and technology.
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According to Quarterly Results, the net sales increased by 76.1 per cent to Rs 124 crore and net profit increased by 1,000 per cent to Rs 66 crore in Q2FY25 compared to Q1FY25. In its annual results, the company reported net sales of Rs 271 crore and net profit of Rs 38 crore in FY24.
The company was committed to expanding its renewable energy capacity and had set a target of reaching 1 GW (1,000 MW) of installed capacity. To achieve this goal, Orient Green Power was actively working on increasing its power generation capacity through new projects and initiatives. Additionally, the company was focused on reducing its interest costs and debt levels through refinancing and capital-raising efforts, such as the ongoing Right Issue. Orient Green Power Company Limited had issued 19,23,07,692 new equity shares for Rs 13 per share with a right issue ratio of 10:51.
As of September 2024, Life Insurance Corporation of India (LIC) owns a 1.31 per cent stake in the company. Investors should keep an eye on this power-generation Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.