1,980 multibagger returns & FIIs increase stake: This metals & mining company bags new order from Solar Energy Corporation of India Limited (SECI) – know more here!
The stock gave multibagger returns of 205 per cent from its 52-week low of Rs 1,017.10 per share and a whopping 1,960 per cent in 5 years.
Adani Enterprises Ltd informed that Adani New Industries Limited, a wholly-owned subsidiary of the company, has received a letter of award (LoA) from Solar Energy Corporation of India (SECI). The Indian government has awarded a significant electrolyzer manufacturing contract to a company. This contract involves establishing a facility in India capable of producing 198.5 MW of electrolyzers annually using indigenous technology (bucket II).
Construction must be completed within 30 months of the contract award. The government will provide financial incentives totalling Rs 293.78 crore over five years to support the company in this endeavour, furthering India's green hydrogen transition goals. This strategic initiative demonstrates the government's commitment to fostering domestic electrolyzer manufacturing, a crucial step towards self-reliance in the burgeoning green hydrogen sector.
Today, shares of Adani Enterprises Ltd plunged 1.04 per cent to Rs 3,057.30 per share with an intraday high of Rs 3,104.60 and an intraday low of Rs 3.035.10. The stock’s 52-week high is Rs 3,739 and its 52-week low is Rs 1,017.10.
A strong performer with a market cap of Rs 3,48,532 crore, the company has consistently delivered impressive profit growth of 27.3% CAGR over the past five years, marked by a track record of positive quarterly and annual results and no losses reported in the last decade. As of December 2023, FIIs have increased their stake to 14.65 per cent from 14.52 per cent in September 2023.
The stock gave multibagger returns of 205 per cent from its 52-week low of Rs 1,017.10 per share and a whopping 1,960 per cent in 5 years. Investors should keep an eye on this Large-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
DSIJ's 'Large Rhino' service recommends blue chip stocks of Large Cap companies that have leadership positions in their category. If this interests you, do download the service details here.