3,290 per cent returns in this multibagger penny stock under Rs 20: This micro-cap company is setting up solar power plant with a capacity of 3MW!

The stock gave multibagger returns of 835 per cent in 2 years and a whopping 3,290 per cent returns in 3 years.

Ashnisha Industries Ltd informed that the company has signed a Letter of Intent (LOI) for the land situated at Patdi Village, Surendra Nagar District, to be used for setting up a Solar Power Plant with a capacity of 3MW. Authorized Mr Shalin A. Shah, Director of the Company has collaborated with Vendor(s) for procurement of land on lease for the purpose of setting up solar power plant fields.

The company signed a Memorandum of Understanding (MoU) as a part of the investment promotion activity for the Vibrant Gujarat Global Summit 2024. This agreement is between the company and the Commissioner of Municipalities Administration, Government of Gujarat, outlining the establishment of a solar power plant with a proposed investment of Rs 60 crore. The anticipated commencement year for this project is the year 2025.

Under this agreement, the Government of Gujarat will support the Company in obtaining the necessary permissions, registrations, approvals, clearances, etc., from the relevant state departments. This facilitation will adhere to the existing policies, rules, and regulations of the State Government for the aforementioned project(s) in Gujarat, ensuring a time-bound process.

Ashnisha Industries Limited operates as a steel producer. The Company engages in the manufacturing and trading of steel and steel alloys, as well as provides trading and investment services. Ashnisha Industries serves customers in India.

Ashnisha Industries' meteoric rise of 3,290 per cent over 3 years has come to a screeching halt, with the stock now in correction territory. After peaking at Rs 24.94, it has plunged 57.33 per cent to Rs 10.64 as of today's closing. Today, shares of Ashnisha Industries Limited plunged 3.13 per cent to Rs 10.845 per share from its previous closing of Rs 11.19 with an intraday high of Rs 11.16 and an intraday low of Rs 10.64. The 52-week high of the stock is Rs 25.77 and the 52-week low of Rs 2.44.

Talking about the financials, Ashnisha Industries has a market cap of over Rs 100 crore with a 3-year stock price CAGR of 224 per cent. The company reported positive numbers in its Quarterly Results (Q1FY24) and annual results (FY23).

The stock gave multibagger returns of 835 per cent in 2 years and a whopping 3,290 per cent returns 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.