Shares of this multibagger green energy stock jumped approximately 5 percent in Thursday’s trading session after the Board of Directors (BOD) of the company intimated about a meeting to consider and approve the issuance of Bonus equity shares to its shareholders.
With a market capitalization of Rs 5,400 crores, the stocks of KPI Green Energy Limited started their trading session on Thursday at Rs 1,402.05 and currently trade at Rs 1,343.75, gaining around 5 percent as compared to the previous closing levels of Rs 1,281.20 apiece.
Such bullish stock price movements are observed after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), intimated that its Board of Directors has scheduled a meeting on Saturday, December 30, 2023, to consider the proposal of issuance of Bonus equity shares to the shareholders.
In addition to the above, the company, along with its wholly-owned subsidiary, KPIG Energia Private Limited, commissioned a Solar Power project totaling 17.35 MWp as a part of the ‘Captive Power Producer’ (CPP) business segment.
Year-to-date, the stocks of KPI Green Energy Limited have delivered multibagger returns of around 200 percent to its stakeholders, viz, if someone had invested Rs 1 lakh into the stock at the inception of this calendar year, it would have converted to Rs 3 lakhs.
The stocks of K.P. Energy Limited, a subsidiary company of KPI Green Energy Limited, opened the trading bourses today by hitting the 5 percent upper circuit and were locked at Rs 653.60.
During the recent financial quarters, the company has successfully increased its operating revenues and after-tax profits. The former moved up from Rs 189.36 crores during Q1FY23-24 to Rs 215.07 crores during Q2FY23-24, and, the latter, during the same period, marginally rose from Rs 33.26 crores to Rs 34.74 crores.
KPI Green Energy Limited is involved in the business of generating and supplying solar power in India under the brand name ‘Solarism’. The company develops, builds, owns, operates, and maintains solar power plants as a captive & independent power producer along with selling land parcels to third parties.
Written by Amit Madnani
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