Shares of Genus Power Infrastructures Ltd rose sharply in Tuesday's trade amid heavy volumes. The stock jumped 15.47 per cent to hit its one-year high level of Rs 149.65 over its previous close of Rs 129.60. It was last seen trading 8.95 per cent higher at Rs 141.20. Around 6.80 lakh shares changed hands today on BSE, which was more than four times higher compared to the two-week average volume of Rs 1.42 lakh shares. Turnover on the counter came at Rs 9.69 crore, commanding a market capitalisation (m-cap) of Rs 3,654.59 crore. The scrip has gained 45.31 in the past one month and 67.22 per cent on a year-to-date (YTD) basis.
The sharp upward move in the share price came after the company said it has won order worth Rs 2,208 crore. "Genus Power has received a letter of award (LOA) of Rs 2,207.53 crore for appointment of Advanced Metering Infrastructure Service Provider (AMISP) including design of AMI system with supply, installation and commissioning of 27.69 Lakhs Smart Prepaid Meters, Feeder Meter, DT Meter level energy accounting and FMS of these 27.69 lakh smart meters," it stated in an exchange filing.
"This order win provides added visibility to our revenues for coming years. It also signals a strong start to order inflow in FY24. We anticipate a sharp revenue rebound in coming quarters on account of robust orderbook and healthy order inflow, and restoration of normalcy in the supply chain," Genus Power said.
Jitendra Kumar Agarwal, Joint Managing Director at Genus Power, said, "This is a significant achievement for our company, and it is a testament to our commitment to providing innovative and reliable solutions to our customers. It also demonstrates the trust that our customers have in our ability to deliver high-quality products and services."
Genus Power also said that the implementation of the Revamped Distribution Sector Scheme (RDSS) is expected to have a radical impact on the Indian metering industry. The scheme will lead to a multifold increase in the annual size of the industry, as well as a transition from conventional to smart meters, it added.
On technical setup, the stock price has been above their 50-day, 100- and 200-day exponential daily moving averages since May 31, suggesting bullish trend.
The relative strength index (RSI) above 70, indicating it is overbought. The company's stock has a price-to-earnings (P/E) ratio of 95.43. It has a price-to-book (P/B) value of 3.48.
Genus Power provides electricity metering solutions and it has around 27 per cent market share. The company has manufacturing plants across Jaipur, Haridwar and Guwahati with a total installed capacity of over 10 million meters.
Meanwhile, Indian equity benchmarks extended their gains record run today by scaling fresh all-time high levels. The domestic indices were up led by gains in financials, banks and technology stocks.
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