Gujarat Toolroom's stock price has been rising over the past two days. Dalal Street bulls spotted the 162-crore small-cap stock when the company announced its board meeting date for debating and accepting the Q4FY24 financial results. The small-cap firm alerted the Indian stock market exchanges of the board meeting date and agenda on April 29, 2024, via an exchange filing. Following the stock market news, small-cap stocks below ₹50 experienced a 5% increase in the following sessions: Tuesday and Thursday. In other words, the small-cap stock has struck the upper circuit for the past two sessions in a row.
The small-cap company informed the Indian stock market bourses of the board meeting date, saying, "The Board of Directors of the Company meeting is scheduled on 06/05/2024, inter alia, to consider and approve 1. Approval of the Annual Financial Results for the Fiscal Year ended March 31, 2024, reflecting our sustained progress and financial performance amidst dynamic market conditions. 2. Deliberation and decision-making on choosing a qualified Consultant/s to assist our listing on the famous National Stock Exchange (NSE) and Nasdaq. This strategic decision is consistent with our global aim of extending our shareholder base and demonstrates our belief in Gujarat Toolroom's future prospects.
The small-cap company recently announced a major move into the renewable energy sector, acquiring 65 acres of property on long-term lease in Gujarat. This considerable expansion of Gujarat Toolroom's business portfolio demonstrates the company's dedication to environmental sustainability and is a critical step toward its potential. The newly purchased land will be used for Gujarat Toolroom's ambitious Hybrid Power Plant project, which combines solar and wind energy technology to harness the region's rich renewable resources.
The company's strategic project includes 15 on-shore wind turbines that will be strategically placed throughout the site to efficiently collect wind power. This, together with the dedication of approximately 60 acres of land to solar panel installation, will take advantage of Gujarat's abundant sunlight to produce clean and sustainable electricity. The Hybrid Power Plant is expected to generate 97.5 Megawatts of power per hour once completed, contributing significantly and positively to the region's energy grid and potentially improving the profitability of the business. All of these analyses and information will be more effective if investors follow the counsel of recognized specialists before making any investments.
