Multibagger power stock rises 4% in early deals, here's why
Multibagger stock: Genus Power shares rose 4.76% to Rs 309 against the previous close of Rs 297.80 on BSE. Market cap of Genus Power rose to Rs 9256 crore.
- May 2, 2024,
- Updated May 2, 2024 11:23 AM IST
Shares of Genus Power Infrastructures gained 4% today after the electrical equipment maker said it has incorporated wholly owned subsidiary namely Genus Alfa Smart Metering Private Limited on May 1, 2024. Genus Power shares rose 4.76% to Rs 309 against the previous close of Rs 297.80 on BSE. Market cap of Genus Power rose to Rs 9256 crore. A total of 0.52 lakh shares of the firm changed hands, amounting to a turnover of Rs 1.58 crore on BSE. The multibagger stock opened lower at Rs 299.65. Genus Power stock has a one-year beta of 0.6, indicating low volatility during the period. The stock has gained 240% in a year and risen 558% in five years.
"This is to inform that the Company has incorporated wholly-owned subsidiary, namely Genus Alfa Smart Metering Private Limited, on May 01, 2024. Genus Alfa Smart Metering Private Limited incorporated on May 01, 2024 under the provisions of the Companies Act, 2013, having corporate identity number U26513RJ2024PTC094214, and its registered office is situated in the State of Rajasthan. Its main object is Manufacturing of all type of smart /advanced / prepaid meters," said the firm in a communication to bourses. Genus Power Infrastructures will have 100% stake in the subsidiary.
In terms of technicals, the relative strength index (RSI) of Genus Power stands at 64.1, signaling it's trading neither in the overbought nor in the oversold zone. The stock is trading higher than the 10 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages.
The stock hit a 52 week high of Rs 343.80 on February 8, 2024 and fell to a 52 week low of Rs 84.45 on May 23, 2023.
Genus Power logged a revenue of Rs 257.2 crore in the December 2023 quarter against a revenue of Rs 221.8 crore in the corresponding quarter a year ago. The firm reported a loss of Rs 9.9 crore in Q3 against Rs 21.8 crore profit in the corresponding quarter of the previous fiscal.
Operating profit climbed to Rs 26.7 crore in Q3 against Rs 20.5 crore in the corresponding quarter of the previous fiscal.
Net profit fell to Rs 29 crore in FY23 against Rs 57.5 crore profit in FY22. Revenue from operations surged to Rs 822.1 crore in the FY 23 fiscal against Rs 744.4 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.
Shares of Genus Power Infrastructures gained 4% today after the electrical equipment maker said it has incorporated wholly owned subsidiary namely Genus Alfa Smart Metering Private Limited on May 1, 2024. Genus Power shares rose 4.76% to Rs 309 against the previous close of Rs 297.80 on BSE. Market cap of Genus Power rose to Rs 9256 crore. A total of 0.52 lakh shares of the firm changed hands, amounting to a turnover of Rs 1.58 crore on BSE. The multibagger stock opened lower at Rs 299.65. Genus Power stock has a one-year beta of 0.6, indicating low volatility during the period. The stock has gained 240% in a year and risen 558% in five years.
"This is to inform that the Company has incorporated wholly-owned subsidiary, namely Genus Alfa Smart Metering Private Limited, on May 01, 2024. Genus Alfa Smart Metering Private Limited incorporated on May 01, 2024 under the provisions of the Companies Act, 2013, having corporate identity number U26513RJ2024PTC094214, and its registered office is situated in the State of Rajasthan. Its main object is Manufacturing of all type of smart /advanced / prepaid meters," said the firm in a communication to bourses. Genus Power Infrastructures will have 100% stake in the subsidiary.
In terms of technicals, the relative strength index (RSI) of Genus Power stands at 64.1, signaling it's trading neither in the overbought nor in the oversold zone. The stock is trading higher than the 10 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages.
The stock hit a 52 week high of Rs 343.80 on February 8, 2024 and fell to a 52 week low of Rs 84.45 on May 23, 2023.
Genus Power logged a revenue of Rs 257.2 crore in the December 2023 quarter against a revenue of Rs 221.8 crore in the corresponding quarter a year ago. The firm reported a loss of Rs 9.9 crore in Q3 against Rs 21.8 crore profit in the corresponding quarter of the previous fiscal.
Operating profit climbed to Rs 26.7 crore in Q3 against Rs 20.5 crore in the corresponding quarter of the previous fiscal.
Net profit fell to Rs 29 crore in FY23 against Rs 57.5 crore profit in FY22. Revenue from operations surged to Rs 822.1 crore in the FY 23 fiscal against Rs 744.4 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.