2:1 Bonus Issue: Small Cap Engineering Stock Hits Upper Circuit As Volume Jumps

Small cap engineering stock that delivered 74% return in last 3 months span hit 5% upper circuit on Friday and witnessed spurt in volume by 3.01 times. Earlier on September 5, 2023, board of Gensol Engineering recommended bonus issue in the proportion of 2:1. The company on September 15 acquired 54.38% stake in Scorpius Trackers Private Ltd for Rs 135 crore, according to its exchange filing. Check details below:

Gensol Engineering Approved 2:1 Bonus Issue: As per the company's regulatory filing dated September 5, 2023, "The Board of Directors of the Company considered, approved and recommended bonus issue of 2 (Two) equity share for every 1 recommended bonus issue of 2 (Two) equity share for every 1 on the record date (to be determined by the Board of Directors). The bonus issue of equity shares will be subject to approval of the Members through General Meeting and any other applicable statutory and regulatory approvals, as may be required."

Gensol Engineering Stock Outlook & Return: Last trading price of Gensol Engineering share as on September 22, 2023 is Rs 1987.35 per share with intraday gain of 5.00% on BSE. Its 52-week high price is Rs 2119.45 per share and 52-week low price is Rs 797.05 per share, respectively. The company has a market capitalisation of Rs 2,428.33 crore. Gensol Engineering stock offered shareholders return of 109% in last 6-months, gained 39% in last 1-year, and soared a whopping 3054% in last 2-years only. Gensol Engineering shares delivered return of 2981% in last 3-years.

Gensol Engineering Acquired Stake In Scorpius Trackers Private: The company earlier this month on September 15 acquired a strong 54.38% stake in Scorpius Trackers Private Ltd, totaling Rs 135 crore. It stated in its regulatory filing, "We wish to inform you that Gensol Engineering Limited ("the Company") has, on September 13, 2023, acquired 58,779 equity shares of Scorpius Trackers Private Limited ("Scorpius") constituting 54.38% of shares capital and voting rights in Scorpius. By virtue of this Scorpius is now a subsidiary company of the Company."

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.

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.