1:4 Bonus Shares & 3,900 Per Cent Multibagger Returns: Solar Company Announces Initiation of Migration from NSE Emerge to NSE Main Board
The stock gave multibagger returns of 108 per cent from its 52-week low of Rs 446.40 and a whopping 3,900 per cent in 5 years.
Solex Energy Limited (NSE: SOLEX), a leading solar brand in India, has announced the initiation of its migration from the NSE Emerge platform to the NSE Main Board. This move signifies the company's substantial growth and strong financial performance, positioning it for greater market visibility and broader opportunities. The company has formally applied for the migration and anticipates completion within approximately 90 days, contingent upon regulatory approvals and adherence to all requirements. This transition is expected to solidify Solex Energy's standing as a reliable and prominent player within the renewable energy sector.
Solex Energy's application for migration is backed by consistent financial success, including positive cash accruals from operations for the past three financial years and a positive profit after tax in the most recent financial year. These achievements highlight the company's robust fundamentals, deep industry knowledge, and dedication to innovation. The planned migration to the NSE Main Board underscores Solex Energy's sustainable growth trajectory and its readiness to capitalize on expanded market opportunities.
Headquartered in Surat, Solex Energy has been a pioneer in sustainable energy since 1995. As the first Indian solar brand listed on NSE Emerge (stock code: SOLEX), Solex is renowned for producing high-end photovoltaic modules at competitive prices and offering comprehensive EPC services. Our global factory in Tadkeshwar, Gujarat, has a 1.5 GW production PV module manufacturing capacity. Solex holds key certifications for domestic and international markets and exports to several countries. As a trusted OEM provider, we serve internationally recognised brands. Built upon our core values of consistency, quality, and commitment, we transcend being merely a solar company to become your trusted partner in fulfilling your PV module and EPC requirements.
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According to half-yearly results, the net sales increased by 194 per cent to Rs 273.09 crore and net profit increased by 1,698 per cent to Rs 13.08 crore in H1FY25 compared to H1FY24. In its annual results, the net sales increased by 126 per cent to Rs 365.92 crore and net profit increased by 222 per cent to Rs 8.73 crore in FY24 compared to FY23.
Furthermore, shares of the company ex-traded bonus shares in the ratio of 1:4. This means that for every 4 existing fully paid-up equity shares of Rs 10 each held by the eligible shareholders as of the Record Date, they will receive 1 new fully paid-up equity share of Rs 10 each. The ex-date for bonus shares was Friday, September 20, 2024.
The company have a market cap of over Rs 900 crore. The stock gave multibagger returns of 108 per cent from its 52-week low of Rs 446.40 and a whopping 3,900 per cent in 5 years. Investors should keep an eye on this solar stock.
Disclaimer: The article is for informational purposes only and not investment advice.