Rs 23 to Rs 186: This power stock turned into a multibagger in three years; trading near record high

Shares of Genus Power Infrastructures Ltd have turned multibagger, delivering over 697% returns in the last three years. The electrical equipment stock, which closed at Rs 23.65 on July 24, 2020 rose to a high of Rs 185.85 on BSE in the current session. In the current session, the power stock rose 5.57% against the previous close of Rs 175.70 on BSE. Genus Power shares have gained 116% this year and risen 135% during the last one year.

The stock rallied today after the firm said it has incorporated a wholly owned subsidiary (WOS), namely “Genus Mizoram SPV Private Limited” on July 26, 2023. The firm said Genus Mizoram is a related party. It is a wholly owned subsidiary of Genus Power Infrastructures Ltd.

A total of 1.04 lakh shares of the firm changed hands, amounting to a turnover of Rs 1.90 crore on BSE. The market cap of the company climbed to Rs 4703 crore on BSE. The stock hit a record high of Rs 193.95 on July 20, 2023 and a 52-week low of Rs 72.55 on August 8, 2022.

In terms of technicals, the relative strength index (RSI) of Genus Power stands at 64.6, signaling it's trading neither in the overbought nor in the oversold zone. Genus Power stock has a one-year beta of 1.3, indicating very high volatility during the period. The stock is trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.

ALSO READ: Vedanta shares trading below Rs 300 mark since two months; what should investors do?

The power firm is yet to report its June quarter earnings.

Genus Power reported a 10.19% fall in revenue to Rs 180 crore in the March 2023 quarter against a revenue of Rs 200 crore in the corresponding quarter a year ago.

It incurred a loss of Rs 11.2 crore in the March 2023 quarter against a profit of Rs 21.36 crore in the fourth quarter of the previous fiscal.

For FY23, net profit climbed to Rs 35 crore against Rs 21.8 crore profit in FY22. Revenue from operations surged to Rs 826.8 crore in the last fiscal against Rs 711.9 crore for the fiscal ended March 2022.

Genus Power is primarily engaged in manufacturing/providing metering and metering solutions and undertaking engineering, construction and contracts on a turnkey basis. The company operates through two segments: Metering business and Strategic investment activity. etc.

Watch: Bharat Mandapam - G-20 hall's first look, exclusive conversation with its architects; Pragati Maidan's revamped India Trade Promotion Organisation (ITPO) complex in pics

Watch: Yuge Yugeen Bharat: India to get World’s largest museum in the heart of Delhi; From Louvre in Paris to Madras Museum, check out the world’s biggest museums

Also read: Hot stocks on July 27, 2023: RVNL, Bharti Airtel, Ion Exchange, Texmaco Rail and more

Also read: RVNL shares in focus as two-day offer for sale kicks off