SBI chooses Multibagger Renewable Energy, KPI Green Energy for 2024

Business: After a stellar performance over the past year, SBI has picked multibagger renewable energy, KPI Green Energy, for 2024. The stock has seen a remarkable surge, gaining nearly 253 per cent last year and over 108 per cent year-to-date (YTD) in 2024. At the current price, the stock is trading at 47.2x/29.5x FY25E/FY26E earnings, respectively. SBI Securities has maintained a ‘buy’ rating on the stock with an upgraded price target of ₹1,246, implying it will have an upside of about 25 per cent. The stock has gained 10 per cent in August alone, after rising nearly 3 per cent in July. This comes after a marginal decline of about 1 per cent in June. Prior to this, the KPI Green Energy saw a modest increase of 0.7 percent in May, a substantial 19 percent rise in April after a 12.5 percent drop in March, and impressive growth of over 43 percent in February and 24 percent in January.