Multibagger Update: This renewable energy stock hit 10 per cent upper circuit in a weak market; heres why!
Gensol Engineering Ltd is engaged in the business of solar consulting & EPC.
On Monday, the shares of Gensol Engineering zoomed 10 per cent, hitting an upper circuit and recording an intraday high of Rs 443 per share on BSE. The scrip is close to its 52-week high price, which stands at Rs 448.95. The stock has doubled over the last four months. Year-to-date, the stock has delivered returns of a whopping 270 per cent (approximately). Let’s decode the reason accountable for the stock soaring high as an eagle.
The company has announced that BSE Limited has consented to list around 1.09 crore equity shares of the company from BSE SME platform to the main board of BSE Limited vide in-principle approval letter dated June 10, 2022.
In a press release, the company stated, “The company will be able to unlock more value for the shareholders by unleashing its shares towards larger public reach since the lot size restrictions will be eliminated. This will lead to more wealth creation for shareholders, apart from opening a gateway of liquidity for the company, as evident from the statistics available with BSE.”
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. It has achieved financial closure of Rs 267.7 crore for the EV vertical while its current solar book order stands at Rs 187.2 crore. Solar assets deployed by Gensol are helping to reduce emissions of 5,14,500 MT CO2 annually.
Watch out for Gensol Engineering in the coming trading sessions!