Ujaas Energy Shares Hit Upper Circuit For Six Days In A Row Ahead Of Bonus Issue

Shares of Ujaas Energy Ltd. are buzzing once again in trade on Thursday, hitting a 5% upper circuit, just a day ahead of its record date for a bonus share issue.

The stock is currently trading at Rs 371 and is trading in the range of its Rs 422. The stock, in fact, has jumped from Rs 247 to its current levels in just six months, representing gains of almost 50%. This is also the sixth consecutive time the stock has hit an upper circuit.

Ujaas Energy Management has set Oct. 10 as the record date to determine the eligibility of shareholders for the issuance of bonus shares.

The company has announced a 2-for-1 bonus issue, meaning shareholders will get two new shares for every share held.

The bonus shares will get credited to the demat account on Oct 13, the company said in an exchange filing.

Incorporated in 1999, Ujaas Energy is involved in the business of generating solar power and providing sales and services of solar power plants/projects.

The company has also entered the electronic vehicle segment, notably launching the E-spa. With a market capitalisation of over Rs 4,000 crore, Ujaas Energy trades with a price to earnings multiple of 550.

The stock currently trades with a relative strength index of 50, which suggests neutral market sentiment. On a year-to-date basis, the stock has fallen more than 7% while gaining almost 20% in the last 12 months.