Gensol Engineering Shares Zoom 7% As Promoter Picks Up 12,000 Shares Via Open Market

Shares of Gensol Engineering have increased more than seven per cent today and closed at Rs 886.55 per share up from the previous close of Rs 825.75 per share. With respect to its 52-week low price of Rs 638.11 per share, the stock is presently up by 39% as of the time of writing this report. However, 52-week highs of Rs1,377.10 per share were not attained.

The increase in the Gensol stock price has followed news that the company promoter and Managing Director Mr. Anmol Singh Jaggi has purchased an additional 12,000 shares from the open market increasing his overall stake at the company to 21.17%. This increase in shareholding demonstrates the tremendous faith of investors towards the future performance of the company.

A formal shift of the filing was shared with the stock exchange by Gensol Engineering regarding Jaggi: "Mr. Anmol Singh Jaggi has retained 80,18,711 equity shares in the earlier period which amounted to 21.17% of shareholding. Owing to purchasing 12,000 further equity shares through open market transactions, his stake in the companies has risen further consolidating his position and faith in Gensol's growth prospects".

This month the company announced a project with Matrix Gas & Renewables Ltd to set up India's first Green Hydrogen Valley in Pune. M/s Concerns intends to pursue the activities to provide green hydrogen to specialty chemical production industry for two decades by developing a green hydrogen production plant based upon the build-own-operate concept. As both organizations share the same promoters, they intend to further developments in Green Steel and Green Ammonia production thus becoming a key enabler in the clean energy mission of India.

This partnership is expected to be a watershed moment for Gensol as it expands its business portfolio while establishing itself as a more pronounced player in the renewable energy sector. Gensol's investment in Green Hydrogen is in line with the world's endeavours to work towards the reduction of carbon footprints through other energy sources.

Founded in 2012 Gensol Engineering Ltd has successfully evolved into a credible engineering, procurement as well as construction (EPC) service provider for solar power projects over the years. Gensol has more than forty regional and international awards for accomplishment in installing solar power plants with a total solar capacity of over 770 MW and is active in the solar EPC sector in the construction of both ground and roof installations.

The company is also making great progress in the area of manufacturing of electric vehicles (EVs) as well. It is setting up an ultra-modern factory in Pune, which will be able to manufacture 30,000 three-wheelers and four-wheelers every year. Aside from production augmentations, Gensol has leased out over 3000 units of EVs and anticipates offering EV leasing services for passenger, fleet and cargo transport as well.