This Engineering-Industrial Equipments Small Cap Entity Closes At 5% Upper Circuit: Check Why

Shares of small cap engineering-industrial equipments sector entity Gensol Engineering closed at 5% upper circuit on Friday. The BSE-only listed firm ended at Rs. 1706.65 apiece.

This Engineering-Industrial Equipments Small Cap Entity Closes At 5% Upper Circuit: Check Why

The gains in the scrip came about after the company received an order of over Rs. 153 crores for building solar power projects in the states of J&K, Gujarat, Punjab, Rajasthan, Tamil Nadu And Telangana.

In the filing with the exchanges, the company said, "we would like to inform you that the Company has in the month of August, 2022, in normal course of business, received purchase orders from reputed clients for the development of solar power projects aggregating to a capacity of around 58.8 MWp in the states of J&K, Gujarat, Punjab, Rajasthan, Tamil Nadu and Telangana. The cumulative order value of these projects is pegged at over Rs. 153 crores exclusive of taxes.

"It is worth noting that out of the seven (7) projects, four (4) clients have repeated their orders with Gensol, which is emblematic of the trust that the company has built with its clients through its delivery of high-quality solar assets", added the investors release attached with the filing.

The scrip of Gensol is a multibagger scrip with enticing returns in shorter time frames. In the last 1 month, the stock has run up by 96%, while in the 3 months and YTD time period, its return % is 416% and 1475%, respectively.

Incorporated in 2012, Gensol Engineering Limited is a part of Gensol group of companies, which offer EPC and solar advisory services. The company is engaged in providing technical due diligence, detailed engineering, quality control, construction supervision, and other consulting services for solar projects across many countries, including India. Being a one-stop solution for a value chain of the solar industry, it provides advisory services to leading project developers, leading
institutions, solar EPC companies, and government policymaker.

Also, the company following acquisition of the major stake in the US based EV start-up has forayed into EV manufacturing.