400 per cent returns: Multibagger penny stock at Rs 30.62 hit back-to-back upper circuits & 52-week highs; Here’s Why!
The stock gave multibagger returns of over 400 per cent from its 52-week low of Rs 5.47 per share.
Today, shares of Sharika Enterprises Ltd were locked in a 2 per cent upper circuit to Rs 30.62 per share from its previous closing of Rs 30.02. The stock also made a fresh new 52-week high of Rs 30.62 and its 52-week low is Rs 5.47. The company has a market cap of over Rs 130 crore.
In the recent trading sessions, the stock has been hitting back-to-back upper circuit and 52-week highs because the USD 24 billion JSW Group has entered into a triparty Memorandum of Understanding (MOU) with MS Ramaiah Institute of Technology (MSRIT), an autonomous Private Engineering Institute, affiliated to Visvesvaraya Technological University, and approved by the State Government of Karnataka and Sharika Smartec, Wholly Owned Subsidiary of Sharika Enterprises Limited, a technical knowledge based consultancy & training company engaged in Design & Development of Smart Grid Technologies, to convert conventional power system into flexible power system through innovative solutions. This triparty collaboration will establish, at the MSRIT campus in Bengaluru, the JSW Center of Excellence (JSW-COE) for Smart Grid technologies. According to the Agreement signed, JSW Group shall provide a financial grant to the JSWCOE, MSRIT shall actively take on the pivotal role of establishing and hosting the JSW-COE and Sharika Smartec will be its knowledge partner and support in establishing, operating and maintaining the JSW-COE.
All three parties to the MOU will leverage the collective strength of society to propel continuous learning, skill development and knowledge enhancement for operations staff, engineers and managerial professionals. The Center of Excellence will provide a robust platform for learning, training, and development through the JSW Center of Excellence. This state-of-the-art Center of Excellence is expected to introduce a radical change in learning & training modules by offering "Lab as a Service" to the next generation of engineering professionals, supporting startups while providing testing as well as consultative support. It will drive continuous learning, skill development, and knowledge enhancement in the rapidly evolving field of power systems.
With the advent of AI, deep learning, big data, blockchain, networking, and automation, the demand for innovative interventions in power & energy systems has become significantly critical. The JSW Center of Excellence at MSRIT will cater to this need by providing advanced learning, design, development, and implementation capabilities in Smart Grid or Flexible Power Systems. Focusing on Smart Grid Power System training while equipping engineers, graduates and technical staff with advanced skills and knowledge, the JSW Center of Excellence at MSRIT will facilitate the upgrading and production of skilled manpower. To address the evolving needs of the industry, it will foster professional development within the energy sector.
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About Sharika Enterprises Ltd
Sharika Enterprises Ltd., boasting a rich legacy of decades in the power sector with expertise in transmission and distribution, is committed to driving innovation and ushering in a transformative era in the industry. Their visionary goal is to evolve the sector into a futuristic 'Smart Grid,' harnessing state-of-the-art technologies and sustainable solutions. The company has also made remarkable strides in the solar power sector. Actively collaborating with governmental bodies, PSUs, schools, private sectors, and more, Sharika Enterprises has successfully implemented a large number of solar PV projects in the last 4-5 years. Their portfolio includes a range of pioneering solar solutions such as Grid-connected solar PV Systems, Off-Grid Solutions, Hybrid Solutions with Battery Backup, Battery Energy Storage Systems, EV Charging Systems, Micro Grids, Real-Time Monitoring of solar Plants, and Solar Street Lights.
According to Quarterly Results, the net sales increased by 37.23 per cent to Rs 29.36 crore and net profit increased by 459 per cent to Rs 7.71 in Q4FY24 compared to Q4FY23. In its annual results, the net sales increased by 55.71 per cent to Rs 78.42 crore in FY24 compared to FY23. The company reported a net profit of Rs 1.54 crore in FY24 compared to a net loss of Rs 3.32 per cent in FY23, an increase of 146.4 per cent.
The stock gave multibagger returns of over 400 per cent from its 52-week low of Rs 5.47 per share. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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