10:51 rights issue & Target for 1-GW capacity: Turnaround story in this LIC-backed multibagger penny stock under Rs 25; PAT jumps over 120 per cent!
The stock gave 90.50 per cent returns from its 52-week low of Rs 11.17 per share and gave multibagger returns of 640 per cent in 3 years.
On Wednesday, shares of this LIC-Backed company ended the trading session at Rs 21.28 per share same as the previous closing of Rs 21.28 with an intraday high of Rs 21.55 and an intraday low of Rs 20.60. The stock gave 90.50 per cent returns from its 52-week low of Rs 11.17 per share and gave multibagger returns of 640 per cent in 3 years.
Orient Green Power Company Limited (the Company) has announced plans to issue up to 19,23,07,692 new equity shares for Rs 13 per share. To determine eligible shareholders for this rights issue, the Company has set Tuesday, August 13, 2024, as the record date. The rights issue is scheduled to open on Tuesday, August 27, 2024, and close on Friday, September 13, 2024. Eligible shareholders will receive ten rights entitlement for every 51 shares held on the record date. The complete terms of the rights issue, including provisions for fractional and zero entitlements, will be detailed in the Letter of Offer to be submitted to SEBI, BSE, and NSE.
According to Quarterly Results, the net sales increased by 76.1 per cent to Rs 63.44 crore in Q1FY25 compared to net sales of Rs 36.02 crore in Q4FY24. The company reported a turnaround story with a net profit of Rs 6 crore in Q1FY25 compared to a net loss of Rs 25.25 crore in Q4FY24, an increase of 123.8 per cent. In its annual results, the company reported net sales of Rs 271 crore and net profit of 38 crore in FY24.
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Orient Green Power Company Limited is an independent producer of renewable power, it is engaged in developing, owning, and operating a diversified portfolio of wind energy power plants. The company currently have 421 MW capacity (incl. overseas capacity). The company's board approved a plan to expand its renewable energy capacity by 1 GW (1000 MW), based on an information memorandum prepared by a consultant-appointed firm.
As of June 2024, Life Insurance Corporation of India (LIC) owns a 1.57 per cent stake in the company. Investors should keep an eye on this power-generation small-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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