Shares of Indosolar Limited surged 5% on August 7 to hit the upper circuit at ₹360.20, as the company continued its stellar rally ahead of the promoter’s stake sale. The stock has now risen 21.5% in the past five trading sessions and 47.7% over the last month.
Promoter Waaree Energies is set to offload a 3% stake in Indosolar via an Offer for Sale (OFS) on August 7-8 in order to meet the minimum public shareholding (MPS) norms. The announcement of the OFS has not deterred investor sentiment, as the stock has climbed steadily, locking in upper circuits multiple times in recent sessions.
As per market data, Indosolar opened at ₹360.20 on August 7 and remained locked at the same level through the day with thin volumes. The stock has touched its 52-week high of ₹360.20 today and has more than doubled from its 52-week low of ₹165.07.
Indosolar’s market cap now stands at ₹1,360 crore. The stock has been on investor radar due to increased solar energy sector focus and strong interest in companies aligned with India’s renewable energy ambitions.
Disclaimer: The views and stock-related information provided here are based on publicly available data and are not to be construed as investment advice. Please consult a qualified financial advisor before making any investment decisions.