2900 per cent returns: This multibagger solar company bags a new order worth Rs 75 crore!

Shares of the company gained more than 80 per cent in the last six months.

Gensol Engineering Limited informed in the exchange filing that the company has received an order for more than 500 + Tata Ace Cargo EVs from an all-electric logistics company. The order is worth Rs 75 crores. The initial batch of 20+ EVs have already been leased, with the remaining cars to be deployed over the next 6 months across 5 states in India i.e., Maharashtra, Karnataka, West Bengal, Tamil Nadu and Telangana. In addition, the company is also working with customers in the PSU, last-mile delivery and employee transportation business with a leasing requirement of 100+ electric vehicles.

Recently, the company acquired 58,779 equity shares of Scorpius Trackers Private Limited constituting 54.38% of shares capital and voting rights in Scorpius. Scorpius is now a subsidiary company of the Gensol.

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The company is also expected to announce bonus shares and is awaiting shareholder’s approval on it. The company has delivered multibagger returns of over 2900 per cent in the last two years.

Gensol Engineering Limited is a part of the Gensol group of companies, which offers engineering, procurement, and construction services for the development of solar power plants. Gensol has successfully installed ground-mounted and rooftop solar power plants with a combined capacity of over 590 MW. Expanding its operations, Gensol has also established a cutting-edge electric vehicle (EV) manufacturing facility in Pune, India.

Investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.