Solar penny stock under Rs 25 hit the upper circuit after bagging new order worth Rs 5,74,00,000 from POWERGRID Energy Services Ltd
The stock gave multibagger returns of 184 per cent from its 52-week low of Rs 8.39 per share.
On Tuesday, shares of Sharika Enterprises Ltd hit a 5 per cent upper circuit to Rs 23.83 per share from its previous closing of Rs 22.70 per share. The stock’s 52-week high of Rs 32.48 per share and its 52-week low is Rs 8.39 per share. The company has a market cap of Rs 102 crore.
Sharika Enterprises Limited (SEL) has been awarded a work contract by POWERGRID Energy Services Limited, a wholly-owned subsidiary of Power Grid Corporation of India. This contract involves the supply and installation of rooftop solar systems on government buildings in Ladakh and Rajasthan, as well as on POWERGRID buildings in the Northern Region. The project falls under the PM Surya Ghar-Mufti Bijli Yojna and is valued at Rs 5.74 crore. The project is expected to be completed within 6 months.
Earlier, the company has secured significant purchase orders worth over Rs 8 crore from JSW Renew Energy entities. These orders involve executing pilot projects to convert 33kV overhead lines into underground cabling systems at two strategic wind farms in Maharashtra and Karnataka. SEL will be responsible for the complete supply and installation of these underground cabling systems, enhancing power evacuation reliability. This initiative leverages cutting-edge technology to improve grid connectivity and minimize environmental impact. Successful completion of these pilot projects will position SEL as a key player in delivering innovative and sustainable power transmission solutions for the growing renewable energy sector in India.
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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.
The stock gave multibagger returns of 184 per cent from its 52-week low of Rs 8.39 per share. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.