Multibagger FII Backed Stock Hit 5% Upper Circuit As Board To Mull Bonus Shares

A small-cap firm operating in the commercial services industry is Gensol Engineering Ltd. The business offers consultation, implementation, and operation services for solar projects both domestically and internationally. Gensol is a group of solar engineers and experts with more than 33,693 MW of expertise. The stock gained 5% over its previous closing of Rs 1831.60 when it opened at an upper circuit limit of Rs 1923.15 on Friday. Following the company's announcement that its Board is expected to declare bonus shares, the stock price started to rise.

"Pursuant to regulation 29 of the SEBI (LODR) Regulation, 2015, notice is hereby given that a meeting of Board of Director of the Company will be held on Tuesday, September 05, 2023, inter-alia; (i) To issue bonus shares. (ii) To consider and approve the Board's Report for the financial year 2022-23 (iii) To appoint M/s. R J & Associates as Cost Auditor for the purpose of cost audit for financial year 2023 - 2024 (iv) To consider and approve the notice of 11th Annual General Meeting (v) Any other matter with the permission of chair," said Gensol Engineering in a stock exchange filing on Thursday.

In Dubai, the company recently executed its first two turnkey contracts for solar engineering, procurement, and construction (Solar EPC) with the Dubai Police and the Dubai Government Workshop Warehouse. The Dubai Police and Dubai Government Workshop Warehouse would be the companies' first two turnkey worldwide solar engineering, procurement, and construction (Solar EPC) projects. These projects feature a total order value of INR 101.6 Crores and a capacity of 14.08 MWp. While the Dubai Government Workshop Warehouse project is anticipated to be completed in November 2023, the Dubai Police project is anticipated to open in June 2024.

The stock made a 52-week-high of Rs 1,990.00 on (02/09/2022) and a 52-week-low of Rs 797.05 on (14/03/2023), indicating that at the current market price of Rs 1923.15, Gensol Engineering is trading 141.28% above the 1 year low and 3.35% below the 1 year high. During Q1FY24, the company recorded promoters shareholding of 64.67%, FIIs stake of 1.94%, DIIs stake of 0.66% and public stake of 32.72%.