Multibagger Update: Only buyers in this renewable energy stock that closed at a fresh all time high!
Year to date the stock is up by a whopping 406 per cent and over the last one month, the stock has furnished phenomenal returns of 52 per cent!
Gensol Engineering has informed the exchange that it has signed a term sheet to pick up a majority stake in a US-based electric vehicle manufacturing startup. The investment is intended to accelerate the company’s plan to deliver a robust domestically manufactured EV in India. With this deal, the company foresees an increment in revenue by Rs 500-600 crore for FY-24.
On Thursday, shares of the company were locked at a 5 per cent upper circuit recording a fresh 52-week high of Rs 603.60 per share on BSE. The scrip of Gensol Engineering has more than doubled in less than three months. Year to date the stock is up by a whopping 406 per cent and over the last one month, the stock has furnished phenomenal returns of 52 per cent!
Gensol aims to set up its R&D centre for technology development and a start of production (SOP) in the first quarter of 2023 in Pune, India with a capacity of 12,000 cars per year in the first phase. The company is also hiring a team of more than 150 automobile engineers & designers for this venture.
Piquantly, Gensol Engineering aims to take this EV market to the next level of technological advancement and serve a wide variety of the customers’ mobility needs - passenger, fleet and cargo - with different designs. These domestically produced ‘Make in India’ vehicles will deliver a cruising range of around 200 km per charge and can be fully charged in just 2 hours.
To quote Anmol Singh Jaggi, Managing Director, Gensol Engineering from a filing with the exchange, “Hatchbacks form 46 per cent of the cars sold in India and the total market size of EV Hatchbacks is USD 9 billion. The Indian EV car segment is set to grow at 105 per cent till 2030 reaching 2 million annual sales volume. We propose to invest in this US based EV startup with a very positive outlook to serve India's need for affordable and efficient EVs. With the rising fuel prices, our vision is to provide a solution that reduces fuels costs by 5x. This is another milestone on our journey to make deeper cuts in carbon emissions and higher employment generation. The government push along with the ever-increasing demand has motivated us to set up the production of EV in India. We shall disclose the details about our electric car very soon’’
Gensol Engineering Ltd is engaged in the business of solar consulting & EPC. The company's services include solar advisory, solar EPC, solar O&M along with solar monitoring & analysis. It also provides dedicated consultancy services for extra-high voltage (EHV) transmission lines.