Multibagger penny stock under Rs 25 hit upper circuit as Board is likely to announce rights issue!
The stock gave multibagger returns of 333 per cent from its 52-week low of Rs 5.47 per share.
Today, shares of Sharika Enterprises Ltd were locked in a 5 per cent upper circuit to Rs 23.71 per share from its previous closing of Rs 22.59. The stock’s 52-week high of Rs 32.48 and its 52-week low is Rs 5.47. The company has a market cap of over Rs 100 crore.
Sharika Enterprises Ltd informed that the meeting of the Board of Directors of the Company is scheduled to be held on August 28, 2024, at the registered office of the Company at C-504, Fifth Floor, ATS Bouquet, Noida, Uttar Pradesh, India, 201305 at 11: 00 A.M, inter alia, to consider and approve the following proposal:
- Increase in the Authorized Share Capital of the Company and to make consequent alteration in clause V of the Memorandum of Association.
- To discuss and if thought fit to raise further capital by way of Rights Issue/ preferential issue/or through any other permissible mode/and/or combination thereof as may be considered appropriate, subject to all such regulatory/ statutory approvals as may be required.
- Any other matter with the permission of the chair.
Earlier this year, the company entered into a strategic partnership. JSW Group, a prominent industrial conglomerate, formed a tripartite Memorandum of Understanding (MOU) with MSRIT, a renowned engineering institute, and Sharika Smartec, a technology consulting firm. The collaboration aimed to establish the JSW Center of Excellence (JSW-COE) for Smart Grid technologies at the MSRIT campus in Bengaluru. Under the agreement, JSW Group would provide financial support, MSRIT would host the JSW-COE, and Sharika Smartec would act as a knowledge partner. The centre would focus on training and skill development in the field of power systems, leveraging advanced technologies like AI, deep learning and big data to meet the growing demand for innovative solutions in the energy sector.
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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.
According to Quarterly Results, the net sales increased by 37.23 per cent to Rs 29.36 crore and net profit increased by 459 per cent to Rs 7.71 in Q4FY24 compared to Q4FY23. In its annual results, the net sales increased by 55.71 per cent to Rs 78.42 crore in FY24 compared to FY23. The company reported a net profit of Rs 1.54 crore in FY24 compared to a net loss of Rs 3.32 per cent in FY23, an increase of 146.4 per cent.
The stock gave multibagger returns of 333 per cent from its 52-week low of Rs 5.47 per share. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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