Shares of this green energy stock under the ‘small-cap’ category rose around 9 percent in Tuesday’s trading session after the company received its maiden Solar project from an International entity worth Rs 104.49 crores.
With a market capitalization of Rs 724.49 crores, the stocks of Bhageria Industries Limited opened their trading hour on Tuesday at Rs 160.05 and currently trades at Rs 166, gaining around 9 percent as compared to the previous close of Rs 152.80 apiece. The scrip is inching near its 52-week high price recorded at Rs 189.
Such sharp stock price movements were witnessed after the company, through a regulatory filing with the exchange dated 9th October 2023, intimated that the company has received its first International Solar Engineering, Procurement, and Construction (EPC) project on a turnkey basis from APM Terminal, Kingdom of Bahrain worth Rs 104.49 crores.
Aggregating to a capacity of 11.40 Megawatt Peak (MWp), the above order pertains to comprehensive Operation and maintenance (O&M) as well as waterproofing for a period of ten years.
Coming onto the recent financials, the company, due to increased cost pressure, has underperformed with the operating revenues reducing from Rs 601.3 crores during FY21-22 to Rs 501.49 crores during FY22-23. Moreover, the net profits of the company took a hit declining sharply from Rs 70.6 crores to Rs 14.71 crores.
As per the latest shareholding data available for the June 2023 quarter, the company’s Promoters hold a 71.75 percent stake followed by the Retail Investors holding a 28.25 percent stake in the company.
Bhageria Industries Limited is associated with the business of manufacturing as well as the sale of chemicals, dyes, etc. One of the company’s business segments also includes the generation and distribution of solar Power. The product offerings are being exported to various regions including Japan, Korea, China, and other European & African regions.
Written by Amit Madnani
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