LIC-backed small-cap stock below ₹20 hits 52-week high. Do you own?

livemint.com:

Small-cap stock below ₹20: Orient Green Power Company shares have been in uptrend after ushering in new financial year 2023-24. The small-cap stock remained in base building mode in January to March 2023 quarter, but after bottoming out at the end of March, this LIC-backed stock has been rising to a new 52-week on a regular basis. The small-cap stock below ₹20 opened with an upside gap on Monday and went on to hit a new 52-week high of ₹14.25 apiece on NSE, logging around 10 per cent rise from its Friday close of ₹12.95 apiece on NSE.

After climbing to a new 52-week peak, the small-cap stock has hit 52-week high on three out of last five sessions. As per the shareholding pattern of Orient Green Power Company for April to June 2023 quarter, the Life Insurance Corporation (LIC) of India is shown holding 1,54,59,306 shares or 2.06 per cent stake in this small-cap stock. comparing with January to March 2023 quarter, LIC used to hold same 1,54,59,306 shares of the company, which is 2.06 per cent of total paid up capital of the company.

This means LIC kept its faith in this small-cap stock despite over 80 per cent rise in this small-cap stock price in FY24. As mentioned above, this LIC-backed small-cap stock below ₹20 has been in uptrend after ushering in the new financial year 2023-24. However, it remained in base building mode after ushering in the new year 2023.

The small-cap stock bottomed out at around ₹7.80 apiece on NSE at the end of March 2023 and from there it has surged to a new 52-qweek peak of ₹14.25 on NSE today. So, the LIC-owned small-cap stock below ₹20 has risen over 80 per cent in current fiscal. Orient Green Power is a independent power producer with a capacity of over 400 mega watts (MW).