Gensol bags Rs 138 crore order from Sarda Energy & Metal; stock trades flat
Gensol Engineering had announced that it has been awarded a contract for a 33 MW AC solar power project by Sarda Energy & Minerals.
- Jan 3, 2024,
- Updated Jan 3, 2024 2:07 PM IST
Gensol Engineering Ltd has bagged an order from Sarda Energy & Minerals Ltd (SEML) amounting to Rs 138.72 crore in the normal course of business. The company was informed about the same through an exchange filing on Wednesday. However, the stock traded flat during the weak trading session. Gensol Engineering had announced that it has been awarded a contract for a 33 MW AC solar power project by Sarda Energy & Minerals (SEML), a steel producer and India’s top exporter of ferro alloys, said the company in the exchange filing on Wednesday. The initiative will unfold for its captive use at SEML’s Kharora plant in Chhattisgarh. The scope of the contract covers a comprehensive set of responsibilities including design, engineering, procurement, and construction, along with the commissioning of the solar power facility. The contract, valued at Rs 138.72 crore, is scheduled for completion within a 6-month timeline, it added.
Shares of Gensol Engineering were trading flat at Rs 848 on Wednesday, with a total market captialization of close to Rs 3,200 crore. The scrip, which settled at Rs 848.10 on Tuesday, gyrated in a tight range of Rs 830-865 during the weak trading session at the bourses.
In a separate exchange filing, the company announced to host is extra-ordinary general meeting (EGM) on Thursday, January 25, 2024 to take approval of the shareholders for the fundraising plans. The company board of Gensol Engineering had approved to raise up to Rs 300 crore via qualified institutional placement (QIP) route, public issue, preferential allotment, and private placement. Gensol Engineering offers engineering, procurement, and construction (EPC) services for the development of solar power plants. Gensol has successfully installed solar power plants with combined operations, and has also established a cutting-edge electric vehicle (EV) manufacturing facility in Pune, India.
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Gensol Engineering Ltd has bagged an order from Sarda Energy & Minerals Ltd (SEML) amounting to Rs 138.72 crore in the normal course of business. The company was informed about the same through an exchange filing on Wednesday. However, the stock traded flat during the weak trading session. Gensol Engineering had announced that it has been awarded a contract for a 33 MW AC solar power project by Sarda Energy & Minerals (SEML), a steel producer and India’s top exporter of ferro alloys, said the company in the exchange filing on Wednesday. The initiative will unfold for its captive use at SEML’s Kharora plant in Chhattisgarh. The scope of the contract covers a comprehensive set of responsibilities including design, engineering, procurement, and construction, along with the commissioning of the solar power facility. The contract, valued at Rs 138.72 crore, is scheduled for completion within a 6-month timeline, it added.
Shares of Gensol Engineering were trading flat at Rs 848 on Wednesday, with a total market captialization of close to Rs 3,200 crore. The scrip, which settled at Rs 848.10 on Tuesday, gyrated in a tight range of Rs 830-865 during the weak trading session at the bourses.
In a separate exchange filing, the company announced to host is extra-ordinary general meeting (EGM) on Thursday, January 25, 2024 to take approval of the shareholders for the fundraising plans. The company board of Gensol Engineering had approved to raise up to Rs 300 crore via qualified institutional placement (QIP) route, public issue, preferential allotment, and private placement. Gensol Engineering offers engineering, procurement, and construction (EPC) services for the development of solar power plants. Gensol has successfully installed solar power plants with combined operations, and has also established a cutting-edge electric vehicle (EV) manufacturing facility in Pune, India.
Also read: Paytm, SBI, Axis, ICICI, Kotak Bank, HDFC Bank shares: Bernstein sees up to 47% upside. Here's why
Also read: Stock recommendations by brokerages for January 3, 2023: Zomato, BHEL, Bank of Baroda and SBI