Multibagger Update: Back-to-back upper circuits seen in this renewable energy stock; do you own it?

The shares of this EV company saw some buying in Friday’s trading session, pushing the stock to its day’s high at Rs 1430.75 per share.

The shares of Gensol Engineering saw some buying in Friday’s trading session, pushing the stock to its day’s high at Rs 1430.75 per share. The stock is up by 5 per cent and is seen locked in the upper circuit on an intraday basis. Gensol was locked in the upper circuit in Thursday’s trading session as well.  

From its recent low, the stock is up by nearly 14 per cent. multibagger Gensol Engineering made a life high around Rs 1975 per share and is down by nearly 28 per cent from life highs. In 2022 alone Gensol Engineering shares are up by a whopping 1100 per cent.  

There are multiple growth drivers for the stock. All the business verticals are seeing sharp uptick and the launch of EV vehicles, which is expected to be a fast growing market (EV 4 wheel) in India, can be the new growth catalyst for the company.  

The Indian EV car segment is set to grow at 105 per cent till 2030 reaching 2,00, 000 annual sales volume. Hatchbacks form 46 per cent of the cars sold in India and the total market size of EV hatchbacks is $9 billion (Rs 70,983 crore). To capture this huge market, Gensol is setting up an EV car manufacturing unit in Pune with a capacity of 12000 cars per year in the first phase. Gensol Engineering is also active in the EV leasing business.  

Long-term investors keen to take exposure in green energy stocks should keep Gensol Engineering on their watch-list!