Metal stock jumps 4% after acquiring 51% stake in Surana Electrix for solar energy related products

During Wednesday’s  trading session, the shares of a company engaged in manufacturing copper products surged 4.7 percent on BSE, after the company announced acquiring a 51 percent stake in a company manufacturing solar energy-related products.

Price Movement

With a market cap of Rs. 237.8 crores, the shares of Bhagyanagar India Limited reached an intraday high at Rs. 80.1, up by around 4.7 percent, as compared to its previous closing price of Rs. 76.51.The stock has delivered negative returns of nearly 14 percent over a one-year period, as well as around 7 percent returns in the last one month.

What’s the news

According to the latest regulatory filings, Bhagyanagar India Limited has acquired a 51 percent stake in Surana Electrix Private Limited, making it a subsidiary of the company. The acquisition aims to expand into manufacturing parts and accessories for motor vehicles and their engines, as well as trading, distributing, supplying, generating, transmitting, and manufacturing solar energy-related products. The transaction was completed for a cash consideration of Rs. 5.1 lakh, involving the purchase of 51,000 equity shares at a face value of Rs. 10 per share.

Also read: Cement stocks crashes after Tamil Nadu Govt imposes ₹160 per tonne royalty on limestone

Previous News

6th February: Bhagyanagar India secured a Letter of Award (LoA) for a 65.7 MW of Solar Power Generator (SPG) under the RESCO Mode for setting up grid-connected Solar Power Plants from Uttar Pradesh New and Renewable Energy Development Agency (a Government of Uttar Pradesh undertaking). The project, part of feeder-level solarization under PM KUSUM Component C2, involves a total investment of Rs. 230 crore. 25th February: The company secured an LoA for a 53 MW SPG capacity under the Mukhyamantri Saur Krushi Vahini Yojana 2.0, aimed at feeder-level solarization under PM-KUSUM Component C. Awarded by the Maharashtra State Electricity Distribution Company Limited (MSEDCL) (a Government of Maharashtra undertaking), this project entails an investment of Rs. 245 crore.

Financials

Bhagyanagar India reported a significant growth in revenue from operations, experiencing a year-on-year increase of nearly 18 percent, rising from Rs. 334.6 crores in Q3 FY24 to Rs. 394.5 crores in Q3 FY25. Similarly, during the same period, the company’s net profit increased from Rs. 2.7 crores to Rs. 4 crores, indicating a rise of around 48.2 percent YoY.

About the company

Founded in 1985, Bhagyanagar India Limited specializes in manufacturing copper products and serves primarily Original Equipment Manufacturers (OEMs). Its product portfolio includes copper rods, strips, pipes, busbars, and sheets, among others. Over the years, the company has diversified into telecom products, solar products, and real estate. It also ventured into the renewable energy sector with a 9 MW wind power project at Kapatigudda, Karnataka.

Written by Shivani Singh

Disclaimer

The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.

The post Metal stock jumps 4% after acquiring 51% stake in Surana Electrix for solar energy related products appeared first on Trade Brains.