Share price of this micro-cap stock moved up by nearly 10% on BSE to Rs. 566.30 in the morning trading session of Monday, compared to its previous close of Rs. 514.85, after the Prime Minister Shri Narendra Modi inaugurated the company’s Solar Power Plant for the Indian Railways.
With a market capitalisation of Rs. 252 crores, at 12:50 p.m. the shares of Refex Renewables & Infrastructure Ltd. were trading at Rs. 562.0, up by 9.16 percent.
In the last one year, the company has delivered positive returns of nearly 50.23 percent and more than 50.4 percent of returns in the last six months. So far in 2024, it has given positive returns of around 38.92 percent.
According to the BSE filings, Prime Minister Shri Narendra Modi inaugurated a 50 MW Solar Power Plant at Bhilai, built by Sherisha Rooftop Solar SPV Four Private Limited, a step-down subsidiary company of Refex Renewables & Infrastructure Limited.
This flagship project is the largest solar power plant commissioned for the Indian railways and was awarded by the Railway Energy Management Company Limited, a joint venture company of Indian Railways and RITES Limited, with the South East Central Railway (SECR) signing a 25-year Power Purchase Agreement.
The project will help in the utilisation of solar energy in running trains and is also expected to reduce CO2 Emissions by over 1 lakh tonnes per year.
Earlier, Refex Group has also commissioned several special projects, including a solar power plant with battery storage for the Indian Army in Siachen, and a 2 MW pilot project in Diwana (Panipat), Haryana, which is India’s first along the track solar power project.
In terms of financials, the revenue from operations of the company increased by 23.52 percent YoY from Rs. 17 crore in Q3 FY22-23 to Rs. 21 crore in Q3 FY23-24.
The net profit of the company is Rs. -11 crore in Q3 FY23-24, down by 175 percent on a year-on-year basis from Rs. -4 crore in Q3 FY22-23.
Refex Group is one of India’s leading business organizations serving refrigerant gases, renewables, coal & fly ash handling, green mobility, healthcare, pharmaceuticals, airport and power trading sectors.
Refex Renewables & Infrastructure Ltd. is a leading renewable and green energy company and was originally formed in 1959. The company specialises in the design, execution, installation, and maintenance of solar power systems.
Written by Shivani Singh
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