2:1 Bonus Issue: Engineering Co Inks MoU With Guj Govt, Shares Rally 1999.60% In 2-Yrs

Small cap engineering sector company Gensol Engineering today executed Memorandum of Understanding with the State Government of Gujarat for an investment of INR 2,000 Crore for Electric Vehicle Manufacturing. It will generate around 1,500 jobs in the region. Current market price of Gensol Engineering share on BSE is Rs 839.00 apiece with intraday gain of 4.41%. Gensol Engineering shares soared 1999.60 in last 2-years only. Gensol Engineering has a market capitalisation of Rs 3,177.54 crore. Check details below:

Gensol Engineering Executes MoU With Gujarat Govt: Commenting on the signing of the MoU, Anmol Singh Jaggi, Co-founder, Gensol Group said, "We extend our sincere gratitude to the Government of Gujarat for their invaluable collaboration and support. Our profound thanks for fostering an environment that aligns with our vision for revolutionizing the ever-growing EV landscape. The INR 2,000 Crore investment stands as a testament to our confidence in the state's commitment to sustainable growth and green manufacturing. We look forward to a mutually beneficial partnership that propels Gujarat to new heights in the EV revolution."

The proposed EV manufacturing plant will be a powerhouse of innovation, churning out a diverse range of cutting-edge EVs across segments, catering to both commercial and personal vehicle space. The signing of this MoU marks a defining moment in the collective endeavor of GEL and the Government of Gujarat to accelerate EV adoption, added the BSE filing of Gensol Engineering.

Gensol Engineering Approves Fund Raising: Earlier, the Board of Directors of the Company met on January 1, 2024 to consider and approve to raise up to Rs 300 crore via qualified institutional placement (QIP) route, public issue, preferential allotment, and private placement. "The company board also announced to increase the authorized share capital of the company to Rs 50 crore including 5 crore equity shares with a face value of Rs 10 each, from Rs 40 crore including 4 crore equity shares with a face value of Rs 10 each," stated the BSE filing.

Gensol Engineering Stock Performance & Return: The stock's 52-week high price is Rs 945.85 per share and 52-week low price is Rs 265.42 per share, respectively. Gensol Engineering stock declined 1% in last 1-week, soared 146% in last 1-year, offered shareholders return of 1999.60% in last 2-years, and surged 4109% in last 3-years.
Gensol Engineering Bonus Issue: The company earlier this year announced 2:1 bonus issue and declared October 17 as the record date for bonus issue.

Gensol Engineering Financials: The company on August 14, 2023 declared a net profit at Rs 10.2 crore for the quarter ended June 30, 2023. Gensol announced Rs 10 crore net profit in the previous fiscal, according to its BSE filing. Gensol Engineering declared a surge in its revenues to Rs 151.7 crore in the first quarter of the current fiscal from Rs 102.9 crore in the last fiscal. Its Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) announced at Rs 43.7 crore, up from Rs 15.7 crore.

About: Gensol Engineering Limited (GEL), which is a BSE-listed entity and also the flagship company for the Gensol group, was setup in the year 2012 when the solar industry in India was in the stage of its infancy. GEL is dedicated to using technology, engineering and innovation to give its clients the best returns on their capital. It strives to provide support and engineering expertise to clients and investors in Solar Power Sector through its offerings of complete concept to commissioning services for MW scale grid-connected solar power projects.

Disclaimer:

The stock just highlights the new order win and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.