 "Genus Power freezes 5% upper circuit on order wins worth Rs 2,247 crore")
The stock hit a record high of Rs 277 on August 29. In the past one month, it zoomed 50 per cent, as compared to 2.1 per cent decline in the S&P BSE Sensex. A combined 156,000 shares changed hands, with pending buy orders for around 2 million shares on the NSE and BSE.
In an exchange filing, Genus Power said that their step-down wholly owned subsidiary received a letter of award (LOA) of Rs 2,247.4 crore for appointment of Advanced Metering Infrastructure Service Providers (AMISPs), which includes design of Advance Metering Infrastructure (AMI) system with supply, installation, and commissioning with FMS of 24.18 Lakh Smart Prepaid Meters, system meters including OT Meters with corresponding energy accounting under DBFOOT model (HYBRID Model, CAPEX Plus OPEX).
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Many State Electricity Boards (SEBs) have commenced the bidding process to procure smart meters, highlighting the favourable outcomes of the 'Reforms-Based, Result-Linked Power Distribution Sector Scheme.' The company foresees a robust surge in order volumes to continue in the upcoming quarters of fiscal year 2024.
The demand for smart meters is growing rapidly in India, as the government under Revamped Distribution Sector Scheme (RDSS) scheme aims to install 250 million smart meters in all households across the country to improve the efficiency of the power sector.
Genus Power is amongst the largest players in India’s electricity metering solutions industry, with around 27 per cent market share. The company is a market leader in various kinds of meters and has developed ‘smart metering solutions’, with in house R&D centre. The company also has engineering, construction, and contracts (ECC) division, which complements the existing meters business.