Multibagger stock to turn ex-bonus on Tuesday; trading near record high

Shares of multibagger Gensol Engineering Ltd will trade ex-bonus from October 17, 2023. The firm declared a bonus issue in the ratio of 2:1 on September 5 this year. The firm has logged strong returns in six months (96.68%), two years (2436.27) and three years (3983.71%), respectively.

Gensol Engineering stock was trading marginally lower today compared to an all-time high of Rs 2520 hit on October 12, 2023.

 Earlier, Gensol Engineering shares climbed 3% to Rs 2446.75 in the current session against the previous close of Rs 2373.75 on BSE. Market cap of Gensol Engineering rose to Rs 2955.33 crore on BSE. Gensol Engineering stock has risen 82% in one year and gained 138.64% since the beginning of this year. The stock has a one-year beta of 1, indicating high volatility during the period.

Total 5520 shares changed hands amounting to turnover of Rs 1.32 crore on BSE.

In terms of technicals, the relative strength index (RSI) of the stock stands at 76.76, signaling the stock was heavily overbought. Gensol Engineering shares were trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Gensol Engineering reported a consolidated net profit of Rs 10.2 crore in the June 2023 quarter against Rs 10 crore net profit in the year-ago period. The company's revenues also rose to Rs 151.7 crore in the first quarter of the current fiscal from Rs 102.9 crore in the year-ago period. Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) climbed to Rs 43.7 crore against Rs 15.7 crore in Q2 of the previous fiscal.

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.

Also read: Hot stocks on October 16, 2023: Tata Motors, Delta Corp, SpiceJet, Vakrangee, Phoenix Mills and more

Also read: Stock recommendations by share market analysts for October 16, 2023: RITES, Tata Motors, Jamna Auto & Sequent Scientific

Also read: Top 10 stocks to watch on October 16, 2023: Dalmia Bharat, DMart, Texmaco Rail, CEAT, HDFC Bank, Jio Financial & others

Also read: Jio Financial Services, Ceat, ICICI Securities Ltd quarterly results, MCX to begin trading on new commodity derivatives platform in Top News on October 16: Stock market, Bank Nifty, crude oil outlook

Also read: Vikas EcoTech shares rebound 5% after board okays merger proposal