Smallcap stock, Gensol Engineering surged as much as 5% to hit its upper circuit of Rs 968.30 on March 26th. Gensol is currently trading higher by a whopping 210% from its 1-year lows. The fundamentals of the company look good, especially after it bagged its largest-ever turnkey EPC order.
Gensol Engineering Share Price:
Gensol's share price rose to a 5% upper circuit of Rs 968.30 apiece in the trading hours of March 26th, before correcting to end at Rs 965.10 apiece, up by 4.7%.
The company's market cap is at Rs 3,655.11 crore.
Gensol is currently a multibagger with gains of nearly 210% from its 52-week low of Rs 311.69 apiece. While its 52-week high is at Rs 1,377.10 apiece. In a year, the stock has gained 163.34% so far.
Gensol Engineering Latest Big Order:
After a long weekend, Gensol's share price rose due to its announcement of receiving a massive EPC order.
In its regulatory filing on March 22, Gensol announced that the company has in the normal course of business, received the largest-ever turnkey EPC order from a leading power generation utility in the state of Maharashtra.
The project involves the development of a 100 MWAC/135 MWp ground-mount solar PV power project across 500 acres in Maharashtra with a total order value of Rs 520 Crore. This monumental achievement underscores Gensol's leading position in the renewable energy sector.
Further, the project aligns with the futuristic policy introduced by the Ministry of New and Renewable Energy (MNRE) in April 2022 and is aimed to enhance Maharashtra's energy infrastructure while contributing significantly towards India's sustainable energy goals.
Ali Imran Naqvi, CEO of Gensol Engineering Limited (EPC Business) said, "This project will play a critical role in India's clean energy transition and decarbonised future, and we stand 100% committed to this goal while bringing in the right energy mix. This victory underscores the team's unwavering dedication, serving as the powerful force propelling us forward on our shared path of progress. It also solidifies our reputation as a company built on robust fundamentals and an enduring drive to thrive and succeed."
Also, the scope further extends to an all-encompassing array of responsibilities, including civil and electrical engineering works, the securing of necessary permits, the installation and commissioning of the plant, and a commitment to three years of operational management, inclusive of maintenance for the plant's switchyard and its extensive transmission infrastructure.
Gensol Engineering's Orders Execution:
Further, last week on March 21, Gensol announced the commissioning of a 10.6 MWp single Rooftop Solar project for Trident Limited at its Budhni plant in Madhya Pradesh. This project marks a major milestone for both companies, showcasing Gensol's expertise in sustainable energy solutions and propelling Trident Limited towards its clean energy goals.
Moreover, the company also completed a 160 MW ground-mounted solar project for Continuum Green Energy in Bhavnagar, Gujarat, valued at Rs 128 crore. This project will contribute significantly to Gensol's increasing solar EPC project portfolio.
Gensol Engineering Bonus Shares:
Gensol has not paid any dividends so far, and neither sub-divided its shares. However, the company has rewarded its investors with two bonus issues post-Covid.
The latest bonus issue was of the ratio of 2:1 for which it turned ex-bonus on October 17, 2023. While its bonus issue was 1:3 in October 2021.
About Gensol Engineering:
Established in 2012, Gensol Engineering Limited, the flagship company within the Gensol group, specialises in engineering, procurement, and construction (EPC) services, focusing on the solar power sector. Boasting a robust team of over 240 professionals, Gensol has demonstrated expertise in executing turnkey projects globally, having installed both ground-mounted and rooftop solar installations totalling more than 600 MW.
Venturing beyond solar, Gensol has established a state-of-the-art electric vehicle (EV) production facility in Pune, India, dedicated to crafting electric three-wheelers and four-wheelers. Gensol EV has received approval from the Automotive Research Association of India (ARAI).
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