Gensol Engineering shares hit upper circuit; board to consider bonus issue

Shares of Gensol Engineering hit upper circuit during the trading session on Thursday ahead of its board meeting scheduled on Tuesday, September 5, 2023. The company board is likely to consider the issue of bonus equity shares, it said in the exchange filing with the bourses.

Apart from the issue of bonus shares, the company board of Gensol Engineering will also approve the annual report for the year 2022-23 and issue the notice for its annual general meeting, the filing added further.

Following the announcement, shares of Gensol Engineering were locked in the upper circuit limit of 5 per cent to Rs 1831.60, commanding a total market capitalization close to Rs 2,240 crore. The scrip had settled at Rs 1744.40 in its previous trading session on Wednesday.

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Earlier this week, Gensol Engineering bagged an order for solar EPC projects in Dubai, United Arab Emirates (UAE) with an order value of Rs 101.6 crore. It announced two turnkey maiden international solar engineering, procurement, and construction (Solar EPC) projects with the Dubai Government Workshop Warehouse and the Dubai Police.

Shares of Gensol Engineering have surged more than 90 per cent in the last two months, while the stock has gained about 135 per cent from its 52-week low. The stock is up about 35 per cent in the current calendar year so far.

Gensol had received an LoI from Odisha Renewable Energy Development Agency (OREDA) to provide 300 electric vehicles with fleet management service on an operating lease for five years earlier this month.

Founded in 2012, 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. The company reported a net profit at Rs 12.43 crore with a revenue from operations at Rs 146.63 crore in the quarter ended on June 30, 2023.

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