Indian equity markets opened on a weak note, with the Sensex tumbling 783.16 points to a low of 77,368.29 in early trade as investors adopted a cautious stance amid a combination of disappointing corporate earnings and an increasingly challenging global backdrop. Investor risk appetite also remained under pressure as escalating geopolitical tensions in the Middle East continued to fuel uncertainty, while Brent crude rose above USD 90 per barrel. Despite this weakness in the equity market, shares of Shanti Educational Initiatives Ltd are seeing a good rally today. The stock is up over 5 per cent. The counter opened for trading in the red on the BSE at Rs 203.75 against the previous close of Rs 204.35. However, it gained momentum and touched an intraday high of Rs 216.15, representing a gain of 5.77 per cent.
The stock has gained after two consecutive days of declines and has outperformed the sector by 2.3 per cent. Technically, it trades higher than the 5-day, 50-day, 100-day and 200-day moving averages but lower than the 20-day moving average.
Multibagger returns
According to BSE Analytics, the company’s stock has remained flat over the past week. However, the stock has gained over 5 per cent in the past month and over 20 per cent in the past three months. According to the Analytics, it has gained over 40 per cent in the past six months.
This stock has given a return of 120 per cent, doubling the investors’ money in one year.
Announced major merger
Earlier, the company said that the boards of GREW Energy Private Limited and Shanti Educational Initiatives Limited have approved a proposed scheme of arrangement. In the second phase, Shanti Educational will be merged with GREW Energy. In return, GREW Energy will issue its shares to the shareholders of Shanti Educational in a fixed ratio.
As per the agreed share exchange ratio, shareholders of Shanti Educational will receive 100 shares of GREW Energy for every 212 shares they hold.
According to the filing, GREW Energy is one of the country’s fastest-growing solar PV manufacturers. The company is currently working on large solar manufacturing projects in Rajasthan and Madhya Pradesh.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
