Only buyers in this renewable energy sector multibagger after a positive announcement; know more now!

n the last 1 year, the stock has witnessed heavy buying as it has given multibagger returns of more than 225 per cent

On Wednesday, the shares of Gensol Engineering rallied 5 per cent and got locked at upper circuit level of Rs 949.80 per share on BSE. The scrip witnessed a massive spurt in volume as it witnessed back-to-back upper circuit in the last 2 trading sessions.   

The company informed the exchange that it has acquired 100 per cent stake in Scorpius Trackers Pvt Ltd, which is one of India’s largest providers of single-axis solar tracker solutions. The total cost of acquisition is said to be close to Rs 135 crore.   

This acquisition strengthens Gensol Engineering's position as a leading provider of end-to-end renewable energy solutions and is a part of its strategy to expand its portfolio by spreading wings across new geographies. With this strategic addition, it is estimated that the combined revenue of Gensol Solar division will reach Rs 2,300 crore in FY24.  

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.      

In the last 1 year, the stock has witnessed heavy buying as it has given multibagger returns of more than 225 per cent. Watch out for this trending multi-bagger stock in the coming trading sessions.