Solar Stock Below Rs 120: Mukul Agrawal, FIIs, and Quant Mutual Fund Bet Big; Beneficiary of PM-KUSUM Scheme
Ace investor Mukul Mahavir Agrawal made a notable entry acquiring 21,62,162 shares
The Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan (PM-KUSUM) Scheme aims to reduce diesel use in agriculture and boost farmers' incomes. It offers a 30–50 per cent government subsidy for standalone solar pumps and solarizing existing grid-connected pumps. Farmers can also set up grid-connected solar plants up to 2 MW on barren land and sell power to DISCOMs at state-regulated tariffs. The scheme is implemented by state government departments.
Ravindra Energy Ltd, recently secured a Letter of Award (LoA) from the Maharashtra State Electricity Distribution Company Limited (MSEDCL). This order pertains to developing and operating 44 MW (AC) decentralized feeder-level PV solar projects under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY). This program is an extension of Component C of the PM-KUSUM Scheme, specifically designed to implement feeder-level solarization in Maharashtra. The company’s expertise spans the sale of solar pumps, the establishment of solar generation power plants (both ground-mounted and rooftop), and the generation and sale of power, making it a significant contributor to India’s solar energy goals.
Ravindra Energy has recently garnered attention due to significant developments in its shareholding pattern. Ace investor Mukul Mahavir Agrawal made a notable entry in the December 2024 quarter, acquiring 21,62,162 shares, representing a 1.21 per cent stake in the company. Foreign Institutional Investors (FIIs) also demonstrated strong interest, increasing their stake from a mere 0.04 per cent in the September 2024 quarter to 3.19 per cent in December 2024. Similarly, Domestic Institutional Investors (DIIs) expanded their holding from 0.09 per cent to 1.36 per cent during the same period, with Quant Mutual Fund playing a key role in this increase.
The stock is trading at a high Price-to-Earnings (PE) ratio of 1,063. Ravindra Energy, a Small-Cap stock currently trading below Rs 120.
Disclaimer: The article is for informational purposes only and not investment advice.