Multibagger penny stock under Rs 20 to keep under radar as Board to discuss further establishment of 2-MW solar power plant in Kadi, Gujarat

From Rs 7.62 to Rs 16.90 per share, the stock gave multibagger returns of over 120 per cent.

Rhetan TMT Limited entered into a Memorandum of Understanding (MoU) in January 2024, during the Vibrant Gujarat Global Summit in Gandhinagar, with the Commissioner of Municipalities Administration, Government of Gujarat. This MoU outlines the company's intention to invest Rs 40 crore in establishing a solar power plant for captive consumption. The plant will be located in Kadi, Gujarat, to meet the energy requirements of the company's factory. By generating solar power on-site, Rhetan TMT aims to reduce its dependence on conventional electricity sources and contribute to sustainability goals. The project is anticipated to commence in 2025. To facilitate the project, the Government of Gujarat will assist the company in obtaining necessary permissions and approvals from state departments, ensuring a timely process within the framework of existing state policies and regulations.

Rhetan TMT Limited (the "Company") today announced that its Board of Directors will hold a meeting on Friday, September 20, 2024, at the Registered Office of the Company. The primary agenda item for the meeting is to further discuss the establishment of a solar power plant with a capacity of up to 2 MW. The plant is intended for captive consumption at the Company's factory in Kadi, Gujarat. The exact location of the plant will be determined at a later date. This meeting follows the successful execution of a Memorandum of Understanding (MoU) with the Commissioner of Municipalities Administration, Government of Gujarat, on January 1st and 13th, 2024. The MoU was signed as part of the Investment Promotion Activity for the Vibrant Gujarat Global Summit 2024

Rhetan TMT Limited manufactures TMT Bars and Round Bars which are primarily used in the construction industry and its products have been used in the construction of dams, bridges, residential and commercial towers, and major infrastructure projects in Gujarat.

According to the financials, Rhetan TMT has a market cap of over Rs 1,200 crore. The stock’s 52-week high is Rs 17.75 and its 52-week low is Rs 7.62.  The company reported positive numbers in both Quarterly Results (Q1FY25) and annual results (FY23). From Rs 7.62 to Rs 16.90 per share, the stock gave multibagger returns of over 120 per cent. Investors should keep an eye on this penny stock.

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

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