Mukul Agrawal Stock Hit 5% Upper Circuit As Subsidiary Shares Sneak of Its Maiden EV

On Wednesday, December 13, shares of Gensol Engineering surged by 5% to reach the upper circuit limit. After closing at Rs 773.05 on Tuesday, the scrip began at Rs 780 per piece and reached the upper circuit limit of 5% at Rs 811.70 today. Following today's announcement of the debut of its first electric car, Gensol Electric Vehicles Private, a subsidiary of Gensol Engineering, saw a spike in share prices.
"Proud to share the first look of Made in India and ready for universal adoption an intelligent, electric urban car by Gensol Group. Stay tuned for March 2024," Anmol Singh Jaggi, chairman and managing director, Gensol, said on X on Wednesday.

In the September 2023 quarter, Gensol Engineering had a 51% YoY increase in net profit, coming in at Rs 11.92 crore. Its net profit for the year-ago quarter was Rs 7.89 crore. From Rs 80.92 crore in the same period last year to Rs 199.43 crore in the second quarter of the current financial year, Gensol's revenue from operations jumped by more than 145%. The company's revenue reached Rs 344.03 crore for the half-year that ended in September 2023, up 88% from Rs 183.25 crore during the same time the year before.

While EBITDA nearly quadrupled to Rs 98.83 crore in the April-September 2023 period, net profit jumped by 24% YoY to Rs 22.16 crore in H1FY24 from Rs 17.86 crore.

According to Gensil Engineering Ltd's shareholding pattern for Q2FY24, Mukul Agarwal is the owner of two lakh company shares, representing 1.64 per cent of the firm's total paid-up capital.

A new green hydrogen-based mobility station in Kargil, Ladakh is being built, and Gensol Engineering Limited has notified Indian exchanges that it was the lowest bidder for the Engineering, Procurement and Commissioning (EPC) contract. By collaborating with Matrix Gas & Renewables Ltd. (Matrix) to demonstrate techno commercial proficiency, Gensol was able to acquire this deal.