Debt-free penny stock under Rs 45 hit upper circuit & 52-week high; Recently, company announced to set up EV-charger manufacturing unit in Coimbatore
The stock also made a new 52-week high of Rs 44.54 per share and gave multibagger returns of 646 per cent from its 52-week low of Rs 5.97 per share.
On Monday, shares of EPIC Energy Ltd were locked in a 2 per cent upper circuit to Rs 44.54 per share from its previous closing of Rs 43.67. The stock also made a new 52-week high of Rs 44.54 per share and gave multibagger returns of 646 per cent from its 52-week low of Rs 5.97 per share.
Epic Energy Limited announced a significant development in line with the growing electric vehicle (EV) market in India. EPIC has entered into a Joint Venture Agreement (JV Agreement) with Fenfeo Automotive Private Limited, Coimbatore. This partnership aims to establish a dedicated manufacturing unit for Electric Vehicle Chargers in Coimbatore, India.
The proposed joint venture company will boast a robust production capacity, targeting an initial output of 15,000 chargers annually. This capacity is envisioned to expand across multiple locations in India, strategically catering to the evolving demands of the market. This strategic move aligns perfectly with the market trends highlighted in Bain's "India Electric Vehicle Report 2023." The report emphasizes a significant shift towards fast-charging technology, driven by the growing need for rapid-charging solutions, particularly in critical sectors like transportation and logistics.
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Further bolstering this decision, Bain predicts the Indian EV charging market to reach a staggering USD 20 billion by 2030. This growth is attributed to supportive government initiatives, attractive tax incentives, and collaborative public-private partnerships. With a projected Compound Annual Growth Rate (CAGR) exceeding 50%, fast-charging infrastructure is poised to become a critical catalyst in propelling the country's EV revolution.
Earlier, the company partnered with Niva Ecotech Pvt Ltd to develop a 35 MWp solar park near Solapur, Maharashtra. Epic's subsidiary, Epic Renewable Projects Private Limited, is spearheading the project and aims to expand its capacity to 140 MWp within two years. Niva, with its experience in Solapur solar projects, brings valuable expertise to the partnership. Together, they aim to contribute significantly to India's renewable energy goals. Epic is actively seeking corporate partners to set up solar plants within the park under the Group Captive Open Access system, offering companies a way to reduce their carbon footprint and energy costs. This collaboration aligns with Epic's commitment to assisting companies in achieving their ESG goals.
About Epic Energy Ltd: Epic is an Energy Service Company recognized as an ESCO by the Bureau of Energy Efficiency, Government of India. Epic has been in the field of energy conservation and green energy for the last two decades. The company has a market cap of Rs 32.12 crore and as of June 2024, the company is debt-free. Investors should keep an eye on this solar penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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