2:1 Bonus Shares: Engineering Co To Mull Fundraising, Shares Rise 5219% In 3-Yrs

Board of Directors of small cap engineering sector company Gensol Engineering Ltd will hold meeting tomorrow to consider and approve the proposal of raising funds. Current market price of Gensol Engineering shares on BSE is Rs 1000.80 apiece with intraday gain of 4.96%. Gensol Engineering shares surged 209% in last 1-year and rose 5219% in last 3-years. Gensol Engineering shares hit 3rd upper circuit in a row and 2nd consecutive 52-week high today. Earlier last year Gensol Engineering recommended bonus shares in the proportion of 2:1 and traded ex-bonus on October 17, 2023. Check details below:

Gensol Engineering To Consider Fund Raising Proposal Tomorrow: As per the BSE filing of the company dated February 1, 2024, "a meeting of Board of Director of the Company will be held on Tuesday, February 6, 2024, inter alia;

(i) to consider and approve the proposal of raising funds by way of preferential issue of Securities to the person belonging to promoter/promoter group/Nonpromoter group Category, subject to such regulatory/statutory approvals as may be required and the approval of shareholders of the Company.

(ii) Any other matter with the permission of chair."

Gensol Engineering Executed MoU With Gujarat Govt for EV Manufacturing: Earlier this year on January 9, 2024, Gensol Engineering signed an MoU with Gujarat government for EV manufacturing. 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 Stock Performance & Return: The stock's 52-week high price is Rs 1001.20 per share and 52-week low price is Rs 265.42 per share, respectively. The company has a market capitalisation of Rs 3790.32 crore. Gensol Engineering shares rallied 16% in last 1-week only, soared 27% in last 3-months, gained 78% in last 6-month, and jumped 209% in last 1-year. In last 2-years, Gensol Engineering shares surged 1731%.

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 Q3 Results: The company for the quarter ended December 2023 declared its consolidated net profit at Rs 12.31 crore as against the net loss of Rs 1.90 crore for the October-December quarter of 2022-23 financial year, as per its exchange filing. Its total income for the quarter under consideration declared at Rs surged to 227.12 crore as compared to to Rs 52.22 crore declared in the corresponding quarter of last year. Meanwhile, expenses arrived at Rs 209.71 crore for the period under consideration, as compared to Rs 48.49 crore in the October-December period last fiscal.

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 a nd investors in Solar Power Sector through its offerings of complete concept to commissioning services for MW scale grid-connected solar power projects.

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