Promoters Sold 16,05,089 Shares: Multibagger Solar Penny Stock Under Rs 65 Locked in Upper Circuit on October 01

From Rs 21.37 (52-week low) to Rs 62.68 per share, the stock gave multibagger returns of 193.3 per cent and a whopping 960 per cent in 5 years.

On Tuesday, one of the Top Gainers on BSE, shares of Surana Solar Ltd were locked in a 5 per cent upper circuit to Rs 62.28 per share from its previous closing of Rs 59.32 per share. The stock also made a new 52-week high of Rs 62.68 and its 52-week low is Rs 21.37.

Surana Solar Ltd (SSL), incorporated in 2006, is a prominent player in the solar energy industry, engaged in manufacturing solar photovoltaic modules, generating wind and solar power, and trading solar-related products. As a part of the Surana Group, SSL specializes in EPC of power projects on a turnkey basis, offering grid-connected and grid-off photovoltaic power plants. With its expertise in engineering, procurement, and construction, SSL undertakes projects ranging from 1 MW to 15 MW.

SSL's product portfolio includes solar photovoltaic modules, solar lighting systems, and solar lanterns. The company's manufacturing facilities in Hyderabad have a total module manufacturing capacity of 80 MW. In addition to its solar business, SSL also has a wind power division with an installed capacity of 1.65 MW. The company's revenue primarily comes from the sale of solar products. SSL has been actively participating in government and non-government tenders, securing EPC contracts and undertaking solar rooftop projects. With its ongoing expansion plans, including a proposed 25 MW module manufacturing plant and multiple solar power generation projects, SSL is poised to further strengthen its position in the renewable energy market.

Surana Solar Limited has been awarded a contract to develop solar photovoltaic power generating stations with an aggregate capacity of 54 MW (AC) under Maharashtra State Electricity Distribution Co. Ltd.'s Mukhyamanatri Saur Krushi Vahini Yojna 2.0 scheme. This project will be located in Maharashtra and is part of the PM-KUSUM Scheme. The contract terms include a tariff of Rs 2.99 per kWh, a subsidy of Rs. 1.03 Crore per MW, a 12-month commissioning deadline, and a 25-year contract period. Surana Solar Limited will supply the power to MSEDCL, and the project is estimated to cost Rs. 189 Crores. Additionally, Surana Solar has secured a Rs. 4.25 Crore order from Flic Microwaves Private Limited for defence-related electronics components. This order strengthens Surana Solar's position in the defence sector and demonstrates its commitment to providing innovative solutions to critical industries.

In the June 2024 quarter, promoters sold 16,05,089 shares and decreased their stake to 46.86 per cent compared to 49.94 per cent in March 2024. From Rs 21.37 (52-week low) to Rs 62.68 per share, the stock gave multibagger returns of 193.3 per cent and a whopping 960 per cent in 5 years. Investors should keep an eye on these Penny Stocks.

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