10:1 stock split: Ashish Kacholia-backed solar energy stock; Company has granted in-principle approval for offer and issuance of 12,23,500 equity shares
The stock gave multibagger returns of 600 per cent in just 1 year and a whopping 3,200 per cent in 2 years.
On Friday, shares of the solar company gained 0.11 per cent to Rs 4,174.65 per share from its previous closing of Rs 4,170.10 per share. The stock gave multibagger returns of 600 per cent in just 1 year and a whopping 3,200 per cent in 2 years.
The buzzing solar company is INSOLATION ENERGY LTD.
Insolation Energy Ltd, founded in 2015, is a leading manufacturer of high-efficiency solar panels and modules. Based in Jaipur, India, the company operates a 200 MW manufacturing facility and has recently announced plans to expand its capacity to 500 MW through a subsidiary. In addition to manufacturing, Insolation Energy also provides solar power conditioning units, lead-acid batteries, and EPC services. Its major domestic customers include Livguard Energy Technologies Pvt Ltd, Livfast Batteries Pvt Ltd, Shakti Pumps India Ltd, Microtek International Pvt Ltd, Sunroof Tech Pvt Ltd, etc.
Insolation Energy Ltd. has received in-principle approval from BSE Limited for a preferential issue of 12,23,500 equity shares at a price of Rs 3,287 per share to non-promoter category investors. This approval, granted under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, will enable the company to raise capital through this preferential issue.
Recent Updates: Insolation Energy Ltd.'s wholly owned subsidiary, Insolation Green Energy Private Limited, has signed an MoU with the Government of Rajasthan during the Rising Rajasthan Global Investment Summit 2024, pledging a Rs 10,000 crore investment in solar energy initiatives by 2030. These initiatives encompass IPP projects, component manufacturing, EPC projects, and solar parks. Chairman Manish Gupta announced the company's ambition to become a top 10 solar energy player, backed by recent order wins worth Rs 775 crore. Managing Director Vikas Jain confirmed that Phase 1 capex is on track, with the 3 GW solar manufacturing and 12,000 MT aluminium plants commencing commercial production as scheduled by March 2025. This will increase solar module capacity to 4 GW and add 1.5 GW of solar cell manufacturing capacity before March 2026. Phase 2 expansion targets 6.5 GW+ solar modules and 3 GW solar cell capacity in the next three years, aiming for USD 1 billion in revenue with over 10 per cent PAT margins.
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stock split Update: announced a stock split of its equity shares. Each existing share with a face value of Rs 10 will be divided into 10 new shares with a face value of Re 1 each. The company aims to increase liquidity and broaden its shareholder base by making the shares more affordable to retail investors. The stock split is expected to be completed within two months of board approval.
Furthermore, an ace investor, Ashish Kacholia’s company - Bengal Finance & Investment Pvt Ltd bought 1,21,600 shares via preferential issue for Rs 3,287 per share aggregating to approx. Rs 40 crore.
The company reported a Revenue of Rs 612.69 crore, a substantial increase of 118 per cent YOY basis. The company’s EBITDA saw a remarkable growth of 172 per cent, rising to Rs 81 crore from Rs 29.75 crore YOY basis. Net profit after tax experienced an extraordinary increase of 307.53 per cent, soaring to Rs 61.27 crore from Rs 15.03 crore YOY basis.
Investors should keep an eye on this solar stock.
Disclaimer: The article is for informational purposes only and not investment advice.