Gensol Engineering shares rise 4% on order wins worth Rs 337 crore

Shares of Gensol Engineering Ltd rose nearly 4% today after firm said it secured two projects worth Rs 337 crore. Gensol Engineering stock gained 3.84% to Rs 1,264 on BSE today. The stock saw a turnover of Rs 5.93 crore after a total of 0.48 lakh shares of the firm changed hands on BSE. On NSE, the turnover amounted to Rs 23.84 crore.

Market cap of Gensol Engineering climbed to Rs 4,670 crore on BSE.

The multibagger stock has logged strong returns in six months (116%), two years (1494%) and three years (5485%), respectively.

Gensol Engineering stock hit a 52 week high of Rs 1377.10 hit on February 20, 2024 and fell to a 52 week low of Rs 265.42 on March 14, 2023.

The stock has a one-year beta of 0.1, indicating very low volatility during the period. Total 0.49 lakh shares changed hands amounting to turnover of Rs 6.02 crore on BSE.

In terms of technicals, the relative strength index (RSI) of the stock stands at 63.2, signaling the stock was trading neither in the overbought nor in the oversold territory.

Gensol Engineering shares were trading lower than the 5 day, 10 day but higher than the 20 day, 50 day, 100 day and 200 day moving averages.

The company said it won orders from two leading IPPs, who are global renewable power producers focused on delivering clean and reliable solutions. The aggregate value order value of these two projects is approximately around Rs 337,70,00,000.

“Gensol Engineering is excited to announce the award of two significant EPC contracts, underscoring our commitment to India's renewable energy sector. The first, a 250 MWac/350 MWdc ISTS solar power project in Rajasthan, showcases Gensol's emerging leadership in the industry and its support for India's sustainable energy transition. Additionally, the 50MWac/72.5MWdc solar power project in Maharashtra marks another step in our journey to becoming a dominant player in the solar energy domain. These projects, valued at Rs 337,70,00,000 (Indian Rupees Three Hundred Thirty Seven Crores and Seventy Lakhs Only), including taxes, represent a significant milestone in Gensol's growth and strategic market position,” said the firm.

“The contracts encompass design, engineering, procurement, construction, and commissioning services, with modules as free-issue items, highlighting Gensol's expertise and commitment to the renewable energy industry,” it added.

Gensol Engineering is a part of the Gensol group of companies, which offers engineering, procurement, and construction (EPC) services for the development of solar power plants.

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