2:1 Bonus Share: Multibagger Engineering Stock Commissions Solar Project, FIIs Stake Soars

Small cap renewable energy and electric mobility pioneer, Gensol Engineering share hit upper circuit in trade today after the company informed via its BSE filing that it has commissioned 10.6 Mwp single rooftop solar project in Madhya Pradesh.

Last trading price of Gensol Engineering shares on BSE is Rs 886.90 per share. Gensol Engineering shares offered shareholders return of 194% in last 1-year and 865% return in last 2-years. The company’s market capitalisation is Rs 3358.19 crore. Check details below:

Gensol Engineering Announces Update On Single Rooftop Solar Project: As per the company’s BSE filing issued on March 21, 2024, “we would like to inform you that Gensol Engineering Ltd. has announced the commissioning of a 10.6 MWp single Rooftop Solar project for Trident Limited at its Budhni plant in Madhya Pradesh.”

Gensol Engineering Shares Performance & Return: The 52-week high price of Gensol Engineering shares on BSE is Rs 1377.10 apiece and 52-week low price is Rs 300.77 apiece, respectively. Gensol Engineering shares tanked 32% in last 1-month gained 40% in last 6-months, offered return of 865% in last 2-years, and gave maximum returns of 3847% in last 3-years. The reason why Gensol shares slipped nearly 32% in last 1-month was because Securities and Exchange Board of India (Sebi) raised valuation concerns earlier this month. SEBI flagged risk of “froth” in small cap and mid cap segment. SEBI chief, Madhabi Puri Buch also reiterated concerns over stretched valuations.

Gensol Engineering Bonus Issue In 2023: The company earlier this year announced 2:1 bonus issue and declared October 17 as the record date for bonus issue.

FIIs Stake Soars In Gensol: FII/FPI have increased holdings from 2.57% to 2.94% as of December 2023 quarter. Number of FII/FPI investors increased from 8 to 14 in Dec 2023 quarter. Institutional Investors have increased holdings from 3.32% to 3.78% in Dec 2023 quarter, according to data available from Trendlyne. As of December 2023, FIIs bought 4,84,721 shares.

Meanwhile, leading investor Mukul Agrawal held 5,70,000 shares or 1.51% stake in Gensol.

Gensol Engineering Q3 Results: The company for the quarter ended December 2023 declared its consolidated net profit at Rs 12.31 crore as against the net loss of Rs 1.90 crore for the October-December quarter of 2022-23 financial year, as per its exchange filing. Its total income for the quarter under consideration declared at Rs surged to 227.12 crore as compared to to Rs 52.22 crore declared in the corresponding quarter of last year. Meanwhile, expenses arrived at Rs 209.71 crore for the period under consideration, as compared to Rs 48.49 crore in the October-December period last fiscal.

About: Gensol Engineering Limited (GEL), which is a BSE-listed entity and also the flagship company for the Gensol group, was setup in the year 2012 when the solar industry in India was in the stage of its infancy. GEL is dedicated to using technology, engineering and innovation to give its clients the best returns on their capital. It strives to provide support and engineering expertise to clients a nd investors in Solar Power Sector through its offerings of complete concept to commissioning services for MW scale grid-connected solar power projects.

Disclaimer:

The stock just highlights the new order win and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.

Renu Baliyan Goodreturns
source: goodreturns.in