This multibagger micro-cap stock receives major boost from government’s latest policies; stock hits 20 per cent upper circuit!
The scrip witnessed a massive spurt in volume
On Friday, shares of Kotyark Industries zoomed and got locked at 20 per cent upper circuit to record an intraday high of Rs 624.30 apiece on NSE. The scrip witnessed a massive spurt in volume.
The Ministry of New and Renewable Energy (MNRE) in India has issued guidelines for the implementation of incentive schemes aimed at promoting green hydrogen production and electrolyser manufacturing. These schemes will offer a combined incentive of INR 17,490 crore, with INR 13,050 crore allocated for green hydrogen and INR 4,440 crore for electrolysers. The funding for these schemes will be sourced from the budgetary provisions under the National Green Hydrogen Mission, which has received approval from the union cabinet for the five-year period spanning FY 2024-25 to FY 2029-30.
The introduction of these incentive schemes will not only bolster the expansion of the green hydrogen sector but also incentivize domestic production of electrolysers. This measure aligns with the broader objective of attaining net zero emissions by 2027. By supporting the development of green hydrogen and encouraging the establishment of electrolyser manufacturing capabilities within the country, this initiative contributes to the pursuit of a sustainable and environmentally-friendly future.
Recently, company made an announcement which stated that it has made a tender for procurement of biodiesel from non-UCO feedstock. Kotyark Industries Limited has received an allocation sheet for their company's tender from IOC, HPCL, BPCL, amounting to Rs 115.90 crore and a tender of 8400 KL for Yamuna Bio Energy Private Limited from IOC, HPCL, BPCL, amounting to Rs 78.50 crores for procurement of biodiesel.
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Kotyark Industries is serving towards renewable green energy and sustainable development of renewable natural resources and through the adoption of environmentally friendly technology that favours the net reduction of greenhouse gas emissions for use in a vehicle for public and private transport as well as various equipment and Gen Sets.
The stock has witnessed significant buying activity as it has given multibagger returns of more than 120 per cent in just 1 year. Keep a close eye on this trending stock.