During Friday’s trading session, the shares of a company engaged in the manufacturing of SG & CI castings surged 16.4 percent to hit a new 52-week high at Rs. 468.4 on BSE, after the company secured an order worth Rs. 163.74 crores from Vestas Wind Systems.
With a market capitalisation of Rs. 614.6 crores, at 02:45 p.m., the shares of Synergy Green Industries Limited were trading in the green at Rs. 435, up by 8.11 percent, as against its previous closing price of Rs. 402.35.
What’s the News:
According to the latest regulatory filings with the stock exchanges, Synergy Green Industries received Rs. 163.74 crore orders from Vestas Wind Systems, to be executed during FY25-26.
These orders are for both 2 MW & 4 MW turbine parts, with an equal distribution between domestic and export requirements.
Vestas Wind System is one of the largest Wind OEMs in the world and contributed over 1/3rd of our order book for almost a decade now.
Additional News:
The Board of Synergy Green has fixed the record date to determine the shareholders who will be eligible to apply for the Rights Equity Shares as Wednesday, September 11, 2024.
Earlier on 14th March, the Board approved the issue of fully paid-up equity shares of the company by way of a rights issue for an amount not exceeding Rs. 49 crores. Rights issues will be opened on 23rd September and will close on 4th October 2024.
Financials:
The company experienced a fall in its revenue from operations, showing a year-on-year decline of around 6 percent from Rs. 83.8 crores in Q1 FY24 to Rs. 78.8 crores in Q1 FY25.
However, its net profit increased marginally during the same period from Rs. 2.5 crores to Rs. 3 crores, indicating a growth of nearly 20 percent YoY.
Stock Performance
Shares of Synergy Green Industries have delivered multibagger returns of nearly 101 percent in one year and around 40 percent in the last six months. So far in 2024, the stock has given about 34.7 percent of positive returns.
About the Company:
Incorporated in 2010, Synergy Green Industries Limited is engaged in the business of foundry i.e., manufacturing of wind turbine casting and other large-size precision castings, with facilities located at Kolhapur (Maharashtra).
Written by Shivani Singh
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