Shares of KPI Green Energy Ltd surged over 3% today after the company’s board recommended a bonus issue of equity shares in a 1:2 ratio. This means shareholders will receive one bonus share of ₹5 for every two shares they currently own, subject to shareholder approval. According to the exchange filing, the bonus shares will be dispatched within two months of board approval but no later than January 14, 2025.
Stock performance and market movement
The power stock opened at ₹760, higher than its previous close of ₹750.90, before gaining 3.46% to ₹777.95 in early trading today. KPI Green Energy has demonstrated strong growth, climbing 59.16% in 2024 and doubling its value (+100.85%) over the past year. Over the last two years, the stock has risen an impressive 454.34%, cementing its status as a multibagger.
A total of 4,142 shares were traded on the BSE, generating a turnover of ₹31.66 crore. With a market cap of ₹9,943 crore, the stock has a solid standing. It previously reached a record high of ₹1,116 on August 12, 2024, and a 52-week low of ₹346.47 on November 16, 2023.
Technical indicators signal stability
From a technical perspective, KPI Green Energy’s Relative Strength Index (RSI) stands at 42, indicating neutral trading conditions—it’s neither overbought nor oversold. The stock trades below its short-term moving averages (10-day to 50-day) but remains above its long-term averages (100-day, 150-day, and 200-day). These metrics suggest the potential for steady growth, which could attract investors looking to buy shares online.
KPI Green Energy operates as a solar power provider under the brand `Solarism,’ catering to Independent Power Producers (IPPs) and Captive Power Producers (CPPs). Its innovative business model and strong performance make it an appealing choice for investors considering renewable energy stocks.
Key takeaways
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