3,300 per cent returns in this multibagger stock: Board announces bonus shares; scrip hits back-to-back upper circuits & 52-week highs!

The stock gave multibagger returns of 3,300 per cent in just 3 years whereas BSE Sensex Index is up by 71.49 per cent

Gensol Engineering Limited informed that the Board of Directors of the company considered and approved the following:

1. The Board of Directors has approved an increase in the authorized share capital of the company from Rs 15,00,00,000 which comprises 1,50,00,000 equity shares of Rs 10 each to Rs 40,00,00,000 which comprise 4,00,00,000 equity shares of Rs 10 each.
2. The Board of Directors of the company considered, approved and recommended bonus issue in the ratio 2:1 i.e., 2 equity shares for every 1 equity shares held by the shareholders of the company as on the record date (to be determined by the Board of Directors). The estimated date is within 2 months from the date of approval of the Board i.e., on or before November 04, 2023, in terms of Regulation 295 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Earlier, the company made its mark in the international solar market with the announcement of its two turnkey EPC projects in Dubai. The projects, which are worth Rs 101.6 crore, will help the company expand its presence in the Middle East.

Gensol Engineering Limited provides renewable energy project development services. The company constructs solar plants in India. The company had a market cap of over Rs 2,400 crore. The shares of the company have an ROE of 54.7 per cent and a ROCE of 46.3 per cent.

The company reported positive numbers in its half-yearly and annual results. Net sales increased by 66.22 per cent to Rs 210.77 crore and net profit increased by 32.61 per cent to Rs 11.67 crore in H2FY23 over H2FY22. Net sales increased by a whopping 144.78 per cent to Rs 392.65 crore and net profit increased by a strong 122.93 per cent to Rs 24.79 crore in FY23 over FY22.

The company's strong financial performance is a result of its focus on innovation, efficiency, and customer satisfaction. The company is well-positioned for continued growth in the future.

On Tuesday, shares of Gensol Engineering Ltd surged 5 per cent upper circuit to Rs 2,034.35 per share from its previous closing of Rs 1,937.50. The stock also made a new 52-week high of Rs 2,034.35 per share. The stock is hitting back-to-back upper circuits and 52-week highs in the recent trading sessions.

The stock gave multibagger returns of 3,300 per cent in just 3 years whereas BSE Sensex Index is up by 71.49 per cent. Investors should keep an eye on this Small-Cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.