Promoter purchased 10,00,04,240 shares of this solar company; Stocks hit upper circuit following announcement of record date for demerger!
The company's shares have delivered a multibagger return of around 1900 per cent in the past one year.
Ujaas Energy Limited is engaged in the generation of solar power, manufacturing, sales, and services of solar power plants or projects, as well as manufacturing and sales of electric vehicles.
Today the company has announced a significant development regarding the demerger of its business segments. The demerger will result in the segregation of Ujaas Energy Limited's business into three distinct segments. The first segment, encompassing the existing business activities of Ujaas Energy Limited, will include the sale of solar power plants, solar power generation, operation and maintenance, and the manufacturing of electric vehicles. The second segment, to be undertaken by Resulting Company 1, will focus on the transformer business, while Resulting Company 2 will specialize in power trading and advisory services. May 17, 2024, has been designated as the Record Date for this purpose. Shareholders holding shares of Ujaas Energy Limited as of the Record Date will be entitled to receive shares of the Resulting Companies.
The promoter holding in the company has witnessed a remarkable increase from a mere 0.01 per cent to an overwhelming 94.97 per cent in the fourth quarter of FY24. This substantial surge underscores a profound shift in ownership dynamics, indicating a strong reaffirmation of commitment from the company's founders or major stakeholders.
Following these stocks closed the day at Rs 40.05 per share representing a gain of 4.98 per cent and hit the upper circuit not only this it reached to 52-week high price today. The current market capitalisation of this Small-Cap company stands at Rs 421.73 crore.
Additionally, the stock has delivered a multibagger return of around 1,892 per cent in the past one year. The company has not yet released its Quarterly Results for Q4 FY24.
In the December quarter of FY24, the company recorded a profit after experiencing ten consecutive quarters of losses. In Q3 FY24, the company achieved a Profit After Tax (PAT) of Rs 45 crore, compared to a loss of Rs 5 crore in the same quarter last year, despite a 12.57 per cent decline in revenue during the same period.
Investors must keep this multibagger stock on their radar.
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