Multibagger penny stock under Rs 20 hit the upper circuit after securing orders worth over Rs 8 crore from JSW Renew Energy

The stock gave multibagger returns of 171 per cent from its 52-week low of Rs 6.94 per share.

On Monday, shares of Sharika Enterprises Ltd hit a 5 per cent upper circuit to Rs 18.81 per share from its previous closing of Rs 17.92 per share. The stock’s 52-week high of Rs 32.48 per share and its 52-week low is Rs 6.94 per share.  The company has a market cap of Rs 81.45 crore.

Sharika Enterprises Limited (SEL), a distinguished leader in the power sector, has received purchase orders worth more than Rs 8 crore from JSW Renew Energy entities. These orders are for delivering high-quality products and services in the renewable energy domain. Sharika Enterprises has secured pilot projects from JSW Renew Energy to convert 33kV overhead lines into underground cabling systems at two strategic locations. Under this turnkey initiative, the company will oversee the complete supply and installation of the underground cabling systems. These projects focus on enhancing the reliability of power evacuation from wind farms in Maharashtra and Karnataka.

Each location involves the supply and installation of 33kV underground cables that will connect multiple wind turbines within the wind farms. These underground systems are crucial for efficient power transmission, offering significant advantages over traditional overhead systems by reducing environmental impact, minimizing visual and ecological footprints, and ensuring reduced Right of Way (ROW) challenges. Additionally, underground cables reduce maintenance needs and are more reliable than overhead lines, lowering operational costs and the likelihood of unexpected outages. These benefits align with Sharika’s commitment to delivering sustainable, innovative solutions that meet India’s renewable energy ambitions.

The projects employ cutting-edge underground cable technology, enhancing grid connectivity and supporting sustainable practices. They are strategically important as they showcase Sharika Enterprises' expertise in delivering innovative solutions and contribute significantly to strengthening India's renewable energy infrastructure. Upon successful completion of these pilot projects, these could pave the way for larger-scale implementations, establishing Sharika Enterprises as a preferred partner for innovative power transmission solutions in the renewable energy sector.  With such projects, Sharika Enterprises continues to strengthen its position in the renewable energy sector. These initiatives also reflect the company’s unwavering dedication to supporting India’s transition towards sustainable energy. Sharika Enterprises remains committed to maintaining its focus on excellence while delivering innovative solutions.

About Sharika Enterprises Ltd

Sharika Enterprises Ltd., boasting a rich legacy of decades in the power sector with expertise in transmission and distribution, is committed to driving innovation and ushering in a transformative era in the industry. Their visionary goal is to evolve the sector into a futuristic 'Smart Grid,' harnessing state-of-the-art technologies and sustainable solutions. The company has also made remarkable strides in the solar power sector. Actively collaborating with governmental bodies, PSUs, schools, private sectors, and more, Sharika Enterprises has successfully implemented a large number of solar PV projects in the last 4-5 years. Their portfolio includes a range of pioneering solar solutions such as Grid-connected solar PV Systems, Off-Grid Solutions, Hybrid Solutions with Battery Backup, Battery Energy Storage Systems, EV Charging Systems, Micro Grids, Real-Time Monitoring of solar Plants and Solar Street Lights.

The stock gave multibagger returns of 171 per cent from its 52-week low of Rs 6.94 per share. Investors should keep an eye on this micro-cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.