Multibagger green energy stock hits record high as board approves bonus issue

Shares of KPI Green Energy Ltd rallied their record high today after its board approved the proposal for issue of bonus equity shares in the ratio of 1:2. KPI Green Energy stock gained 1.45% to a high of Rs 1490 on BSE. The power stock opened higher at Rs 1490 against the previous close of Rs 1468.05 on BSE.

kpigreen-share-price-364737">KPI Green Energy shares have risen 227.91% in a year. The stock has zoomed 786.63% in two years. In the afternoon session, the stock lost 3.05% to Rs 1423.30 on BSE.

A total of 0.81 lakh shares of the firm changed hands, amounting to a turnover of Rs 11.76 crore on BSE. Market cap of the company fell to Rs 5720 crore on BSE.

The stock fell to a 52-week low of Rs 388.95 on March 29, 2023.

Also read: KPI Green Energy shares hit 10% upper circuit limit; what's next on technical charts?

In terms of technicals, the relative strength index (RSI) of KPI Green Energy stands at 69.3, signaling it's trading neither in the overbought nor in the oversold zone. The stock is trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

The record date for the issue of bonus shares is yet to be determined.

KPI Green issued bonus shares to its shareholders for the second time in 2023. It issued one bonus share for every one held in January last year.

In December 2023, KPI Green Energy Ltd raised Rs 300 crore via the Qualified Institutional Placement (QIP) route. The QIP was subscribed 300%, received a robust and enthusiastic response from esteemed domestic and international investors.

KPI Green Energy is a solar power generating company focused on providing solar power both as an Independent Power Producer (IPP) under the brand name of `Solarism' and as service provider to Captive Power Producer (CPP) customers.

Also read: Hot stocks on January 1: Vodafone Idea, YES Bank, KPI Green Energy, Tata Motors and more

Also read: Stock recommendations by market analyst for January 1, 2024: Dabur India, Suven Pharmaceuticals and Samvardhana Motherson