Only buyers in one of the fastest wealth creators in renewable energy space on Friday; do you own this multibagger stock?
Its shares have skyrocketed by at least 2,621 per cent; thus, turning out to be one of the fastest wealth creators in the renewable energy space.
The shares of Gensol Engineering were seen trading higher by 5 per cent on August 26. Gensol Engineering shares got locked in the upper circuit during Friday’s trading session.
Gensol Engineering announced that it has clinched deals worth over Rs 153 crore for building solar power projects in the states of J&K, Gujarat, Punjab, Rajasthan, Tamil Nadu, and Telangana.
In the month of August 2022, Gensol Engineering Limited received purchase orders from its reputed clients for the development of solar power projects, aggregating to a capacity of around 55.8 MWp in the states of J&K, Gujarat, Punjab, Rajasthan, Tamil Nadu, and Telangana. Out of these seven deals closed by Gensol, five are based on the full turn-key EPC model while two are a balance of system (BoS) projects. Similarly, while four projects are to be erected over land, the other three will be raised over the rooftops of the factories of the clients. The total value of these projects is Rs 1,53,15,75,000 (one hundred and fifty-three crore fifteen lakh and seventy-five thousand only), exclusive of taxes/excluding taxes.
The company’s management further emphasised that out of the seven projects, four clients have repeated their orders with Gensol, which is emblematic of the trust that the company has built with its clients through its delivery of high-quality solar assets.
Gensol Engineering shares are trading at Rs 1,706.65 per piece with no sellers. The shares of Gensol Engineering soared over 96 per cent in one month alone. On a YTD basis, the shares of Gensol Engineering jumped 1,332 per cent while in one year, its shares have skyrocketed by at least 2,621 per cent; thus, turning out to be one of the fastest wealth creators in the renewable energy space.
Incorporated in 2012, Gensol Engineering Limited is a part of Gensol Group of Companies, which offers EPC and solar advisory services. The company is engaged in providing technical due diligence, detailed engineering, quality control, construction supervision, and other consulting services for solar projects across many countries, including India.