Promoters bought 53,945 shares & Rs 3,100 crore order book: Multibagger Solar EPC stock in green as Board is likely to raise funds via preferential issue or QIP
The stock gave multibagger returns of 165 per cent in just 2 years and a whopping 5,000 per cent in 3 years.
Today, shares of Gensol Engineering Ltd surged 1.83 per cent to Rs 953.65 per share from its previous closing of Rs 936.50 per share. The stock’s 52-week high is Rs 1,377.10 per share while the stock is up by 97.4 per cent from its 52-week low of Rs 547.55 per share.
Gensol Engineering Ltd informed that a meeting of the Board of Directors of the company will be held on Monday, August 12, 2024, inter alia;
- To consider and approve quarterly unaudited Financial Results of the Company for the quarter ended June 2024.
- To consider and approve the proposal of raising funds by way of issuance of equity shares or any other eligible securities (“Securities”) through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods as may be permitted under applicable laws, subject to such regulatory/statutory approvals as may be required and the approval of shareholders of the Company.
- Any other matter with the permission of the chair.
Earlier, the company received a Notification of Award for the Engineering, Design, Procurement, Erection, Testing & Commissioning of a Rs 463 crore Solar plant at Khavda RE Power Park, Rann of Kutch, Gujarat. The Rs 463 crore project will be state-of-the-art with a fixed tilt module mounting structure along with the remaining balance of the system.
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About Gensol Engineering Ltd
Established in 2012, Gensol Engineering Limited, part of the Gensol group, provides comprehensive engineering, procurement, and construction (EPC) services for solar power plants globally, with a proven track record of installing over 770 MW of solar capacity across ground-mounted and rooftop installations. Committed to sustainability, Gensol is revolutionizing the Indian EV industry by setting up a state-of-the-art manufacturing facility in Pune for electric three-wheelers and four-wheelers, capable of producing 30,000 vehicles annually. Additionally, they offer extensive EV leasing solutions for passenger, fleet, and cargo needs, having already leased over 3,000 EVs with plans to expand significantly. Headquartered in India, Gensol specializes in Solar EPC services, having built solar power plants exceeding 590 MWp globally, and is dedicated to advancing clean energy and electric mobility solutions.
According to Quarterly Results, the net sales increased by 147 per cent to Rs 412 crore, EBITDA increased by 188 per cent to Rs 92 crore and profit after tax increased by 168 per cent to Rs 20 crore in Q4FY24 compared to Q4FY23. In its annual results, the net sales increased by 147 per cent to Rs 996 crore, EBITDA increased by 218 per cent to Rs 260 crore and profit after tax increased by 129 per cent to Rs 53 crore in FY24 compared to FY23.
The promoters of the company bought 53,945 shares and increased their stake to 62.77 per cent in June 2024 compared to 62.63 per cent in March 2024. The company has a market cap of over Rs 3,500 crore. The shares of the company ex-traded bonus shares in the ratio 2:1 on October 17, 2023. The stock gave multibagger returns of 165 per cent in just 2 years and a whopping 5,000 per cent in 3 years. Investors should keep an eye on this small-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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