2200 per cent returns: This small-cap multibagger stock receives substantial orders in Q1FY24!
The total value of these projects amounts to approximately Rs 277.04 crore excluding taxes
On Wednesday, the shares of Gensol Engineering surged 2.56 per cent, reaching an intraday high of Rs 1419.95 per share on the BSE. The scrip experienced a significant increase in volume.
During the first quarter of fiscal year 2023-24, which ended on June 30, 2023, Gensol Engineering Limited has received substantial orders from reputable clients. These orders are for the supply of trackers and the development of solar power projects. The total value of these projects amounts to approximately Rs 277.04 crore excluding taxes.
These projects will be executed across various locations, including land, water bodies, and rooftops, in multiple states of India. The states where the projects will be developed are Andhra Pradesh, Chhattisgarh, Gujarat, Jharkhand, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, and Uttar Pradesh.
An interesting aspect of these projects is that more than 95 per cent of them are concentrated in three specific states: Gujarat, Rajasthan, and Maharashtra. This concentration highlights the significant demand and potential for solar power projects in these regions.
Gensol Engineering is embarking on an ambitious plan to introduce 10,000 to 12,000 electric cars in FY24. Anmol Singh Jaggi, the company's CMD, revealed that the forthcoming electric vehicle manufacturing plant is scheduled to commence operations in July. While Gensol Engineering has traditionally been focused on renewable energy, particularly in the solar EPC business, where revenues are projected to reach Rs 2,000 crore this year, including the recent acquisition, the company is now shifting its attention to electric vehicles. With this strategic shift, Gensol Engineering aims to establish itself as a significant player in the electric vehicle industry.
DSIJ offers a service 'multibagger Pick" with recommendations for multibagger stocks based on research and analysis to help subscribers make informed investment decisions. If this interests you, then do download the service details pdf here
Gensol Engineering Ltd is primarily involved in solar consulting and EPC (Engineering, Procurement, and Construction) services. Their range of services includes solar advisory, solar EPC, solar O&M (Operation and Maintenance), as well as solar monitoring and analysis. They also provide specialized consultancy services for extra-high voltage (EHV) transmission lines.
Over the past three years, the stock has witnessed substantial buying, delivering multibagger returns of over 2200 per cent. Furthermore, the stock has surged by more than 140 per cent in the last year. Keep a close eye on this trending multibagger stock.