Solar Penny Stock Under Rs 60 Hit Upper Circuit As Board To Raise Funds For Solar Power Project & Proposal To Set Up 500 MW TOPSUN Solar Cell And Modules

From Rs 21.37 (52-week low) to Rs 55.63 per share, the stock gave multibagger returns of over 160 per cent and a whopping 900 per cent in 5 years.

On Friday, shares of Surana Solar Ltd hit a 5 per cent upper circuit to Rs 55.63 per share from its previous closing of Rs 52.99. The stock’s 52-week high is Rs 67 and its 52-week low is Rs 21.37.

The company inform you that a meeting of the Board of Directors of the company is scheduled to be held on Monday, October 21, 2024, inter alia to consider the following: -

1. To consider and approve the unaudited financial results for the quarter and half year ended September 30, 2024.
2. To consider and evaluate the proposal for raising funds for the Financial Requirement of a Solar Power Project of 54 MW (AC) under Mukhyamanatri Saur Krushi Vahini Yojna 2.0 a scheme in one or more tranches (fundraising), through permissible mode(s) and/ or combination(s) thereof as may be considered appropriate, by way of the raising of equity, issuance of any instruments or securities, through private placement, preferential issue, rights issue, qualified institutions placement or such other methods or combinations thereof as may be decided by the Board, subject to such approvals as may be required and other ancillary approval for fundraising.
3. To Consider and evaluate the proposal to set up 500 MW TOPSUN Solar Cell and Modules manufacturing capacity at Fabcity factory Hyderabad.

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.

The company 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 55.63 per share, the stock gave multibagger returns of over 160 per cent and a whopping 900 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. 

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