Ashish Kacholia-Backed Multibagger Solar Energy Stock Hit 52-Week High As Bord Announces Stock Split From Rs 10 to Re 1
The stock gave multibagger returns of 150 per cent in just 6 months and a whopping 620 per cent in 1 year.
On Wednesday, shares of the solar company gained 5.3 per cent and made a new 52-week high of Rs 4,470 per share from its previous closing of Rs 4,245. The stock gave multibagger returns of 150 per cent in just 6 months and a whopping 620 per cent in 1 year. The shares of the company saw a spurt in volume by more than 1.15 times on BSE.
The buzzing solar company is INSOLATION ENERGY LTD.
Insolation Energy Ltd. has 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.
Earlier this year, Insolation Energy achieved a significant milestone by securing a substantial 25-year O&M contract worth Rs 500.50 crore from RREC. This contract involves the comprehensive design, supply, erection, testing, commissioning, and maintenance of 77 MW of grid-connected rooftop solar PV power projects across various government buildings in Rajasthan. Additionally, Insolation Green Energy Private Limited, a wholly-owned subsidiary, has secured two substantial contracts in the solar energy sector. Firstly, they have awarded a purchase order to Zetwerk Manufacturing Business Private Limited for the supply of 550 Wp solar PV modules at the NTPC Khavada Gujarat site, valued at Rs 208,31,97,917 (including GST). Secondly, Insolation Green Energy itself was awarded a contract by Rays Green Energy Manufacturing Private Limited to supply 545WP SPV Panels, valued at Rs 34,21,08,979.60. Both contracts are domestic and expected to be executed within the fiscal year 2024-25.
DSIJ’s 'Multibagger Pick’ service recommends well researched multibagger stocks with High Returns potential. If this interests you, do download the service details here.
Furthermore, an ace investor, Ashish Kacholia’s company - Bengal Finance & Investment Pvt Ltd bought 1,21,600 shares via preferential issue for Rs 3287 per share aggregating to approx. Rs 40 crore.
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.
Investors should keep an eye on this solar stock.
Disclaimer: The article is for informational purposes only and not investment advice.