Promoters bought 9,99,74,890 shares of this multibagger solar power company; Board likely to announce Bonus Shares
The stock gave multibagger returns of 13,363 per cent from its 52-week low of Rs 2 per share.
Ujaas Energy Ltd, established in 1999, is a solar power company involved in generating, selling, and servicing solar power plants. It operates under the "UJAAS" brand, developing, owning, and maintaining solar energy power plants. The company offers engineering, procurement, construction, solar park, and rooftop solutions, along with operations and maintenance services. With an installed capacity of approximately 14 MW and over 235 MW of solar power plants set up, Ujaas Energy provides various solar power solutions through its Ujaas Park, Ujaas My Site, and Ujaas Home platforms. Additionally, the company manufactures transformers and has ventured into the electric two-wheeler market with its E-Spa brand.
Ujaas Energy Ltd is holding a Board of Directors meeting on July 15, 2024, at 4:30 PM at their registered office. The agenda includes crucial matters like scheduling the 25th Annual General Meeting (AGM), considering a bonus share issuance, potentially appointing a current director as whole-time for 5 years, and approving various reports and certificates for the 2023-24 financial year. Additionally, they will discuss reappointing and remunerating another director, appointing a scrutineer for the AGM's remote voting, and setting key dates for the AGM. The board will also consider altering the company's main object clause, approving the Board's report and related documents, potentially dissolving the Corporate Social Responsibility Committee, and increasing the company's authorized share capital. Finally, they will vote on enabling resolutions for fundraising through various methods (FPO, ADR, GDR etc.) up to Rs 500 crore and borrowing up to Rs 1,000 crore under specific Company Act Provisions. Other business items may be added with the Chair's permission.
DSIJ’s 'Tiny Treasure' service recommends researched Small-Cap stocks with Inherent Growth Potential. If this interests you, do download the service details here.
The company's shares last traded on July 08, 2024, on that day, the stock was locked in a 5 per cent upper circuit to Rs 269.25 per share. The stock also made a fresh new 52-week high of Rs 269.25 per share while its 52-week low is Rs 2 per share. The shares of the company have a PE of 75x and an ROE of 55 per cent.
The company has a market cap of Rs 2,835.24 crore and has delivered good profit growth of 42.9 per cent CAGR over the last 5 years. The promoters of the company bought 9,99,74,890 shares and increased their stake to 94.47 per cent in March 2024 compared to 0.01 per cent in December 2023. The stock gave multibagger returns of 13,363 per cent from its 52-week low of Rs 2 per share. Investors should keep an eye on this small-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
Also Read: Multibagger penny stock at Rs 27.26 to keep under the radar as the company signs MoU with JSW Group and MS Ramaiah Institute of Technology (MSRIT)