 "Gensol Engineering gains over 3% on bagging order of Rs 186 crore; details")
Gensol Engineering share gains: Gensol Engineering shares gained up to 3.41 per cent to hit an intraday high of Rs 854.90 per share on Monday, October 14, 2024.
The rise in Gensol Engineering share price came after the company announced that it has secured a contract win of 23MWp for a rooftop solar project in Dubai worth Rs 186 crore.
In an exchange filing, the company said, “Gensol Engineering Limited is proud to announce that it has been awarded a prestigious contract by UAE’s leading sustainable development and clean energy development company for the design, construction, and long-term operation and maintenance of rooftop solar photovoltaic (PV) systems for the engineering facilities of a leading aviation company in Dubai.”
The turnkey project encompasses the design, procurement of materials, construction, testing, commissioning, and long-term operation and maintenance of rooftop solar PV systems. These systems aim to provide a sustainable energy solution for the client, playing a vital role in Dubai’s ambitious sustainability goals and helping to reduce the carbon footprint of a key industrial facility in the region.
With a total installed capacity of 23,178 kWp (23 MWp), this initiative reflects Gensol Engineering’s dedication to advancing sustainability in the Middle East and supporting the region's transition to cleaner energy sources.
Valued at AED 81.6 million (Rs 186 crore) plus taxes, the project is scheduled for completion over a 20-month period, the company said.
Kapil K Nirmal, CEO of Solar EPC (MENA) at Gensol Engineering Ltd, said, "We are thrilled to partner with UAE’s leading sustainable development and clean energy development company on this landmark project, which reflects our ongoing commitment to delivering innovative and efficient solar EPC solutions in this region. This project further strengthens our presence in the Middle East and aligns with Dubai's vision of becoming a global leader in clean energy by 2050."
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The market capitalisation of Gensol Engineering stood at Rs 3,189.09 crore, according to BSE. The company falls under the BSE SmallCap category.
At 11:30 AM, shares of Gensol Engineering were trading 1.86 per cent higher at Rs 842.05 per share. In comparison, BSE Sensex was trading 0.65 per cent higher at 81,912.54 levels.