Penny stock below Rs 15; Board likely to announce rights issue!

The stock is up by 32 per cent in just 1 month.

On Friday, shares of IND Renewable Ltd surged 4.69 per cent to Rs 13.40 per share from its previous closing of Rs 12.80 being one of the gainers on BSE. The shares of the company ended the day on a positive note, up 3.52 per cent to Rs 13.25 per share. The stock has a 52-week high of Rs 16.08 and a 52-week low of Rs 9.38.

The Board of Directors of IND Renewable Ltd has scheduled a meeting on Wednesday, June 12, 2023, to, inter-alia, consider the subject to the approval of shareholder raising of funds through the issue of shares on a Rights basis/issue of equity shares on a preferential basis or through any other mode.

IND Renewable Energy Limited focuses on investments in conventional and non-conventional power projects and also is in the business of generation of solar power including rooftop solar. The Company also invests in shares, stocks, bonds, debentures, and other securities. IND Renewable Energy serves customers in India.

According to the financials, IND Renewables has a market cap of Rs 4.01 crore. The company is almost debt-free and the current debt of the company is just 0.18 crore which is just 4.50 per cent of the market cap of the company.

The stock is up by 32 per cent in just 1 month. Investors should keep this stock under their watchlist.