Gensol Engineering shares rally as company arm bags EV cargo vehicle order

Shares of Gensol Engineering rose sharply during the trading session on Friday, before giving up gains and ending slightly higher on Friday. The stock ended the session at Rs 2,035 on Friday, but had risen about 4 per cent to Rs 2079.95 during the session amid the order-win news. Gensol Engineering was commanding a total market capitalization of close to Rs 2,500 crore.

Gensol EV Lease, a subsidiary of Gensol Engineering has bagged an order for more than 500 Tata Ace Cargo EVs valued at Rs 75 crore from an all-electric logistics company, said the company in an exchange filing. The subsidiary is an EV-focused leasing solution, it said.

"An Initial batch of more than 20 EVs have already been leased, with the remaining cars to be deployed over the next 6 months across five states in India – Maharashtra, Karnataka, West Bengal, Tamil Nadu and Telangana," the company added in the exchange filing.

Gensol EV Lease  specialising in flexible and tailored EV leasing and fleet management solutions. It also works toward sustainable and eco-conscious mobility while addressing the challenges that have hindered widespread EV adoption.

Earlier this month, the company board of Gensol Engineer had announced to reward the investors and has announced a bonus in 2:1 ratio for the investors. It means that eligible shareholders of the company will get two bonus shares for every one share held by them as on the record date.

Gensol Engineering also 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.

Gensol Engineering, founded in 2012, offers engineering, procurement, and construction (EPC) services for the development of solar power plants. It also provides solutions for various customer segments - passenger, fleet and cargo. Alongside, Gensol offers comprehensive EV leasing and fleet management solutions and is serving customers in the PSU.

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