Multibagger green energy stock hits record high ahead of meeting on bonus issue; shares up 220% this year

Shares of KPI Green Energy Ltd rallied to their record high today after the company said its board would meet on December 30 to consider and approve the proposal for issue of bonus equity shares. KPI Green Energy stock gained nearly 10% to a high of Rs 1464.75 on BSE. The power stock opened higher at Rs 1371.40 against the previous close of Rs 1334.60 on BSE. KPI Green Energy shares have gained 220% in 2023 and risen 235% in a year.  The stock has zoomed 833% in two years.  

A total of 1.05 lakh shares of the firm changed hands, amounting to a turnover of Rs 14.58 crore on BSE. Market cap of the company rose to Rs 5767.4 crore on BSE.   

The stock fell to a 52-week low of Rs 388.55 on March 29, 2023.    

In terms of technicals, the relative strength index (RSI) of KPI Green Energy stands at 60.6, 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.      

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KPI Green Energy has also commissioned solar power projects totaling 17.35 MW along with its wholly owned subsidiary, KPIG Energia. This also led to positive sentiment around the stock.

These projects were executed on behalf of esteemed clients, namely, Jay Metal Tech, Reenam Fabrics Pvt. Ltd., JPB Fibers, and Creative Technologies, as part of our 'Captive Power Producer (CPP)' business segment.

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.