2:1 Bonus Shares: Engineering Stock Rises 397% From 52-Week Low, Wins PLI Bid

Small cap renewable energy and electric mobility pioneer, Gensol Engineering Ltd shares have been witnessing sharp rally ever since it won PLI bid for hydrogen electrolyser manufacturing. Gensol Engineering shares hit 2nd consecutive 52-week high in trade today and gained 17.48% in last 1-week. In last 1-year, the scrip zoomed 315%. The company has a market capitalisation of Rs 4,998.46 crore. Check details below:

Gensol Engineering Ltd Wins PLI Bid: According to the company's regulatory filing dated February 12, 2024, "we wish to inform that the company has won a bid of manufacturing capacity for an advanced Electrolyser Plant under the auspices of the Sustainable Hydrogen Innovation & Green Hydrogen Technologies (SIGHT) program. The awarded project, with a manufacturing capacity of 63 MW per annum, is strategically positioned to contribute significantly to India's ambitious goal of producing 5 million metric tons of green hydrogen annually by 2030."

Ali Imran Naqvi, CEO (EPC Business), Gensol Engineering Ltd., stated, " We are immensely thankful for the trust placed in us by the Government of India and our stakeholders. This milestone is not just a testament to our commitment to India's green hydrogen mission but also a beacon of our aspiration to drive global decarbonization efforts. Green hydrogen is pivotal in the world's transition to sustainable energy, and Gensol, leveraging this opportunity, aims to foster global partnerships, technological exchange, and innovation."

Gensol Engineering Stock Performance & Return: The 52-week high price of Gensol Engineering shares on BSE is Rs 1377.10 apiece and 52-week low price is Rs 265.42 apiece, respectively. The company has a market capitalisation of Rs 4,982.37 crore. Gensol Engineering shares gained 132% in last 6-months, rallied 1427% in last 2-years, and offered return of 6920% in last 3-years.

Gensol Engineering Bonus Issue In 2023: The company earlier this year announced 2:1 bonus issue and declared October 17 as the record date for bonus issue.

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."

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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