Multibagger Shares: Whenever it comes to multibagger stocks trading in renewable energy, investors usually think of big names like Tata Power and Suzlon Energy. However, now a small company is also rapidly gaining place in this list, whose name is Orient Green Power. These days its stocks are focused on increasing the size of their rights issue. Orient Green Power's board had approved a plan to raise Rs 225 crore through a rights issue along with the announcement of September quarter results. However, now the size of this rights issue has been increased to Rs 300 crore.
Shares of Orient Green Power closed at Rs 22.30 on NSE on Friday, December 22. However, it has given multibagger returns in the year 2023. This stock has increased by about 121.01% since January 2023. The price of this share has increased by more than 1,000% in the last 3 years.
Orient Green Power is one of the few companies in which Life Insurance Corporation of India (LIC) has also invested. According to the data available on Trendline, LIC holds 15,459,306 shares or 1.6 percent stake in this company.
Also read- These multibagger shares will not stop even in 2024! Brokerage firms bullish on increasing demand for electricity
Orient Green Power is a smallcap company with a market cap of Rs 2,192 crore. According to data till September quarter, promoters' stake in the company is 32.48%, while non-institutional investors hold 63.96%. While insurance companies, DII and FII hold the remaining 3.56 percent stake.
The company's recent September quarter results were also quite excellent. Orient Green Power's net profit more than doubled to Rs 75 crore in the September quarter from Rs 33.80 crore in the same quarter a year ago. The total income of the company increased to Rs 124.10 crore, which was Rs 108.24 crore in the same quarter a year ago.
