Over 1900% Gain In 5 Yrs: Penny Stock Below Rs 15 To Setup Solar Power Plant of Rs 60 Cr By 2025

Next week will see a lot of attention focused on Ashnisha Industries Ltd, a small-cap company with a market cap of Rs 113.02 Cr. In addition to being a multibagger stock, the company signed a Memorandum of Understanding (MoU) with the Gujarat government at the Vibrant Gujarat Global Summit 2024 for the establishment of a solar power plant with a proposed investment of Rs. 60 Crore going, expected to begin by 2025.

"In our prior communications dated 28th July, 2023, and 22nd September, 2023, we had informed you of the Company's intention to collaborate with various vendors for leasing land to establish Solar Power Plant fields. Following the approval of a special resolution through a postal ballot by company members on 2nd September, 2023, for the inclusion of this objective, the Company had signed a Letter of Intent (LOI) for the acquisition of land situated at Village: Patdi, Dist.: Surendranagar, dedicated for the purpose of establishing Solar Power Plant with a capacity of 3MW," said Ashnisha Industries in a regulatory filing.

"In continuation of the aforementioned developments, we are pleased to share that a Memorandum of Understanding was executed on 12th January 2024, in Gandhinagar, as a part of the Investment Promotion Activity for the Vibrant Gujarat Global Summit 2024. This agreement is between the Company and the Commissioner of Municipalities Administration, Government of Gujarat, outlining the establishment of a solar power plant with a proposed investment of Rs. 60 Crore. The anticipated commencement year for this project is year 2025," the company said in a regulatory filing.

"Under this agreement, the Government of Gujarat will support the Company in obtaining the necessary permissions, registrations, approvals, clearances, etc., from the relevant state departments. This facilitation will adhere to the existing policies, rules, and regulations of the State Government for the aforementioned project(s) in Gujarat, ensuring a time-bound process," Ashnisha Industries reported in a stock exchange filing.

On Friday, the shares of Ashnisha Industries closed on the BSE at Rs 11.19 apiece. The stock reached a 52-week-high of Rs 25.72 on (06/06/2023) and a 52-week-low of Rs 10.50 on (09/01/2024).