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Recently listed SME firm shares soar 7%; zoom 255% from IPO issue price
Source: Business Standard
Sahaj Solar stock surged 6.63 per cent at Rs 638.95 per share on the NSE in the intraday trade of Friday. The company’s stock price climbed up after the company on Friday announced that it has conversed with Cliantech Solutions and Technologies to set up a 1.5 gigawatt (GW) solar module production line.
The pact includes an initial order for 750 megawatt (MW) of solar modules, which Sahaj Solar confirmed on Thursday, October 3, 2024. The remaining 750 MW is scheduled to be commissioned after Q2 2025, the company said in a regulatory filing.
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The company listed on NSE SME on July 19, 2024, and has since delivered a return of 254.97 per cent to its shareholders.
Shares of Sahaj Solar had made a stellar debut on the NSE SME and listed at a premium of 90 per cent from the upper hand of the IPO price. The company’s shares listed at Rs 342 on the Exchange as against the issue price of Rs 180, yielding a return of Rs 162 per share for the investors.
According to its DRHP, Sahaj Solar’s revenue increased from Rs 62.18 crore in FY2021 to Rs 201.71 crore million in FY2024, a rise of over 224 per cent. Profit after tax also surged from 0.70 crore million in FY2021 to Rs 13.37 crore in FY2024, reflecting an increase of nearly 1,800 per cent.
Sahaj Solar is one of the leading players in the fields of renewable energy in India. As per the information available on its official website, the company initiated R&D on solar technologies in 2007 and since 2010.
Sahaj Solar has a strong focus on the solar power market. The company is primarily engaged in three key areas: manufacturing photovoltaic (PV) modules, offering solar water pumping systems, and providing engineering, procurement, and construction (EPC) services. This diversified approach positions Sahaj Solar to effectively meet the growing demand for sustainable energy solutions.
First Published: Oct 04 2024 | 2:13 PM IST
