Solar penny stock under Rs 60 in focus as company acquired 100 per cent stake Surana Technologies Pvt Ltd to carry out business related to solar energy products

From Rs 24.31 (52-week low) to Rs 53.23 per share, the stock gave multibagger returns of over 100 per cent and a whopping 800 per cent in 5 years.

On Tuesday, shares of Surana Solar Ltd plunged 1.84 per cent to Rs 52.25 per share from its previous closing of Rs 53.23 with an intraday high of Rs 53.98 and an intraday low of Rs 51.25. The stock’s 52-week high is Rs 67 and its 52-week low is Rs 24.31.

Surana Solar Limited has completed the acquisition of 100 per cent stake in Surana Technologies Private Limited, making it a wholly owned subsidiary. Surana Technologies Private Limited is a new company incorporated in November 2023 with the objective of carrying on business related to solar energy products, including trading, distribution, manufacturing, and project execution. The acquisition involved a cash consideration of Rs 1,00,000 (corresponding to Rs 10 per share) and strengthens Surana Solar Limited's presence in the solar energy sector, though the target company's financial performance for the previous years is not available.

Earlier, the company awarded a contract to develop solar photovoltaic power generating stations with an aggregate capacity of 54 MW (AC) under Maharashtra State Electricity Distribution Co. Ltd.'s Mukhyamanatri Saur Krushi Vahini Yojna 2.0 scheme. This project will be located in Maharashtra and is part of the PM-KUSUM Scheme. The contract terms include a tariff of Rs 2.99 per kWh, a subsidy of Rs. 1.03 Crore per MW, a 12-month commissioning deadline, and a 25-year contract period. Surana Solar Limited will supply the power to MSEDCL, and the project is estimated to cost Rs. 189 Crores. Additionally, Surana Solar has secured a Rs. 4.25 Crore order from Flic Microwaves Private Limited for defence-related electronics components.

Surana Solar Ltd (SSL), incorporated in 2006, is a prominent player in the solar energy industry, engaged in manufacturing solar photovoltaic modules, generating wind and solar power, and trading solar-related products. As a part of the Surana Group, SSL specializes in EPC of power projects on a turnkey basis, offering grid-connected and grid-off photovoltaic power plants. With its expertise in engineering, procurement, and construction, SSL undertakes projects ranging from 1 MW to 15 MW.

Quarterly Results: The net sales increased by 370.55 per cent to Rs 1,454.01 lakh in Q2FY25 compared to Q2FY24. The company reported a turnaround net profit of Rs 32.69 lakh in Q2FY25 compared to a net loss of Rs 145.27 lakh in Q2FY24: increasing 123 per cent.

Half-Yearly Results: The net sales increased by 649 per cent to Rs 2,622.13 lakh in H1FY25 compared to H1FY24. The company reported a turnaround net profit of Rs 60.47 lakh in H1FY25 compared to a net loss of Rs 121.10 lakh in H1FY24: increasing 150 per cent.

From Rs 24.31 (52-week low) to Rs 53.23 per share, the stock gave multibagger returns of over 100 per cent and a whopping 800 per cent in 5 years. Investors should keep an eye on these Penny Stocks.

Disclaimer: The article is for informational purposes only and not investment advice.