After 2:1 Bonus Issue, Multibagger Engineering Stock Soars On Rs 301.5 Cr Order Win

Small cap multibagger engineering sector stock Gensol Engineering today gained over 5% intraday after the company bagged 62 MW AC Solar PV project from Maharashtra State Power Generation Co Ltd (MAHAGENCO) valued Rs 301.5 crores. Current market price of Gensol Engineering share on BSE is Rs 877.35 per share. Gensol Engineering shares gained 131% in last 6-months and soared 159% YTD. Check details below:

Gensol Engineering Bags Project From MAHAGENCO Worth Rs 301.5 Crore: According to the BSE filing of the company dated October 25, 2023, "Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), we would like to inform you that the Company has in normal course of business, received order from Maharashtra State Power Generation Co. Ltd. (MAHAGENCO). The order value of this project is pegged at ₹301,54,79,730 (Indian Rupees Three Hundred One Crore, Fifty-Four Lakh, Seventy-Nine Thousand, Seven Hundred Thirty Only), including taxes."

Piquantly, MAHAGENCO has envisioned the establishment of solar power facility in Maharashtra, echoing the sentiments of an impactful policy called "Flexibility in Generation of Thermal Power station through Bundling with Renewable Energy", which was introduced by the Ministry of New and Renewable Energy in April 2022.

Gensol Engineering Stock Outlook & Return: Current market price of the small cap engineering company is Rs 877.35 per share. Its 52-week high price is Rs 945.85 per share and 52-week low price is Rs 265.42 apiece, respectively. The company's market capitalisation is Rs 3325.24 crore. Gensol Engineering offered return of 104% in last 1-year, gained 2779% in last 2 years, and surged 4353% in last 3-years.

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

Gensol Engineering Financials: The company on August 14, 2023 declared a net profit at Rs 10.2 crore for the quarter ended June 30, 2023. Gensol announced Rs 10 crore net profit in the previous fiscal, according to its BSE filing. Gensol Engineering declared a surge in its revenues to Rs 151.7 crore in the first quarter of the current fiscal from Rs 102.9 crore in the last fiscal. Its Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) announced at Rs 43.7 crore, up from Rs 15.7 crore.

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 and 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 bonus issue 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.