Promoter bought 53,945 shares via open market of this multibagger solar EPC & EV manufacturing stock with Rs 1,783 crore order book – do you own it?

The stock gave multibagger returns of 165 per cent in just 1 year and a whopping 5,130 per cent in 3 years.

Gensol Engineering Ltd announced the acquisition of 53,945 shares by Mr Anmol Singh Jaggi, the Promoter and Managing Director, through an open market operation on Wednesday, June 04, 2024. The transaction amounted to Rs 4,77,44,327.75 (Rupees Four Crores Seventy-Seven Lakhs Forty-Four Thousand Three Hundred Twenty-Seven and Seventy-Five Paisa Only). Before this acquisition, Mr Jaggi held 79,64,766 equity shares of the company, which constituted 21.03 per cent of the total shareholding. Following this purchase, his shareholding increased to 80,18,711 equity shares, representing 21.17 per cent of the company's total shares. As a result of this acquisition, the total promoter and promoter group shareholding rose from 2,37,17,306 shares (62.62 per cent of the total shareholding) to 3,78,72,897 shares (62.77 per cent of the total shareholding). This announcement is intended to inform the valued members of the company about the increased shareholding of the promoter and managing director.

Today at 9:15 am, shares of Gensol Engineering Ltd gained 2.96 per cent to Rs 940 per share from its previous closing of Rs 912.95 per share. The stock’s 52-week high is Rs 1,377.10  per share while it gave multibagger returns of 199 per cent from its 52-week low of Rs 311.69 per share.

About Gensol Engineering Ltd

Established in 2012, Gensol Engineering Limited, a part of the Gensol group, provides engineering, procurement, and construction (EPC) services for solar power plants globally. The company tackles international turnkey projects and has a proven track record exceeding 770 MW of installed solar capacity across ground-mounted and rooftop installations. Gensol is committed to sustainability and is revolutionising the Indian EV industry by not only setting up a cutting-edge manufacturing facility for electric three-wheelers and four-wheelers in Pune, but also offering comprehensive leasing solutions for a variety of customer segments including passenger, fleet, and cargo needs.

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.

Gensol Engineering Ltd is a multifaceted clean energy company headquartered in India. They specialize in Solar EPC (Engineering, Procurement, and Construction) services, having built solar power plants exceeding 590 MWp capacity globally. Gensol is also venturing into the electric vehicle (EV) industry with its manufacturing unit in Pune that can produce 30,000 electric 3-wheeled and 4-wheeled vehicles per year. Additionally, they offer EV leasing solutions, partnering with ride-hailing companies and having already leased over 3,000 EVs with plans to expand their leasing fleet in the coming year significantly.

The company has a market cap of over Rs 3,500 crore and as of March 31, 2024, the order book stood at Rs 1,783 crore: Rs 1,448 crore from the solar segment and Rs 335 crore from the leasing segment. 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 1 year and a whopping 5,130 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.