Gensol Engineering shares surge 5% amid market crash, here's why 

Shares of Gensol Engineering rose over 5% in early deals on Monday after the firm said it has won a large turnkey EPC order from a leading public sector utility in Maharashtra. The project involves the development of a 150 MWac ground-mounted solar PV power plant. The value of the contract is Rs 780 crore. The contract is set to be executed over 15-months.

Gensol Engineering stock rose 5.45% to Rs 860 in the afternoon session today against the previous close of Rs 815.50 on BSE. Market cap of Gensol Engineering rose to Rs 3169.96 crore on BSE. Gensol Engineering stock has risen 6.33% in one year and gained but lost 1.13% since the beginning of this year. The stock has a one-year beta of 0.6, indicating low volatility during the period.  

Total 0.45 lakh shares changed hands amounting to turnover of Rs 3.83 crore on BSE.  

In terms of technicals, the relative strength index (RSI) of the stock stands at 49.5, signaling the stock was neither overbought nor oversold on charts. Gensol Engineering shares were trading higher than the 5 day, 10 day, 20 day, 30 day but lower than the 50 day, 100 day, 150 day and 200 day moving averages.

The company's role will include the entire gamut of the project's lifecycle —from the complex and critical task of land acquisition, highlighting the scale and intricacy of the undertaking, to the precise and detailed phases of design, engineering, procurement, and logistics. 

The scope also includes manufacturing, supply, erection, inspection, installation, testing, and commissioning of a 150 MWac grid-connected ground-mounted solar PV power plant, along with the development of the associated power evacuation infrastructure to the STU substation. Additionally, the contract includes three years of operation and maintenance (O&M) services for the project, inclusive of maintenance of the plant's switchyard and its extensive transmission infrastructure.

Shilpa Urhekar, Chief Executive Officer, Solar EPC (India), Gensol Engineering said, " We are deeply grateful for the trust placed in us by one of India’s leading public sector utilities. This significant project is a testament to Gensol’s growing expertise as a provider of comprehensive, end-to-end solar solutions. It will play a vital role in advancing India’s clean energy transition, aligning with our firm commitment to contributing to the right energy mix. We look forward to further collaborating with the state of Maharashtra to support and enhance India’s renewable energy goals.”

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.