Gensol Engineering shares soar 10% as co bags Rs 301 crore order

Shares of Gensol Engineering Ltd surged about 10 per cent during the trading session on Wednesday after the company received order from Maharashtra State Power Generation Co. Ltd. (MAHAGENCO). It was informed about the same through an exchange filing on Wednesday.

Gensol Engineering announced its successful bid for the conceptualization, engineering, provisioning, installation, testing, and commissioning of a state-of-the-art 62 MWAC Crystalline Solar PV Technology Grid Interactive Solar PV Power Plant, which is situated at Village Paras, Taluka Balapur, District Akola in Maharashtra, said the company in an exchange filing.

The order is valued at Rs 301.54 crore, inclusive of taxes. The firm is poised to bring this project to fruition within a dedicated 12-month timeframe. Gensol will be operating and maintaining maintenance stewardship of the solar power plant and its associated evacuation mechanism for the next five years.

Following the announcement, shares of Gensol Engineering surged about 10 per cent to Rs 916.25 on Wednesday, merely shy of its upper circuit limits. The company was commanding a total market capitalization of more than Rs 3,400 crore. The scrip had settled at Rs 835.20 in the previous trading session.

Beyond the primary Solar PV Power Plant setup, Gensol's responsibilities extend to the establishment of the associated HT overhead transmission line, supplemented with all essential electrical equipment, said Gensol in the filing, "It also encompasses the creation of bays culminating at the point of interconnection at the 220 kV bays at Paras Substation," it added.

Gensol Engineering shares have rallied more than 250 per cent from its 52-week low at Rs 265.42 hit in March 2023. The scrip traded ex-bonus on October 17, 2023. The company had announced its bonus in a 2:1 ratio and the stock hit new highs at Rs 945.85 after that.

Gensol Engineering, which was founded in 2012, is a part of the Gensol group of companies, which offers engineering, procurement, and construction (EPC) services for the development of solar power plants. It has  an electric vehicle (EV) manufacturing facility in Pune, India.

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