Gensol Engineering zooms over 5% on securing Rs 780 crore solar PV project

Gensol Engineering share price surged 5.45 per cent at Rs 860 a piece on the BSE in Monday’s intraday deals. This came after the company secured Rs 780 crore solar PV project from a leading public sector utility in Maharashtra.

 

The project involves the development of a 150 MWac ground-mounted solar PV power plant. The scope includes the manufacturing, supply, erection, inspection, installation, testing, and commissioning of a 150 MWac grid-connected ground-mounted solar PV power plant, along with the development of the associated power evacuation infrastructure to the STU substation. 

 

Additionally, the contract includes three years of operation and maintenance (O&M) services for the project, inclusive of maintenance of the plant's switchyard and its extensive transmission infrastructure, the company said in a statement on Sunday. 

 

 

On last Thursday, October 31, Anmol Singh Jaggi, the promoter and Managing Director of the company additionally acquired  26,500 shares of the company through open market operations. Consequently, Jaggi's shareholding in the company has slightly increased.  Jaggi already holds 80,30,711 equity shares of the company which is

amounting to 21.13 per cent of the total shareholding of the company.

 

“This strategic move reflects his confidence in the company's growth prospects and his ongoing commitment to its success. His continued investment serves as a testament to the company's promising future and his dedication to its success,” the company said.

 

The company operates in the solar consulting and EPC (Engineering, Procurement, and Construction) sectors. In its consulting division, it offers a range of services from concept to commissioning, including solar advisory, engineering reviews, detailed engineering, construction supervision, quality control, and technical due diligence for projects both in India and internationally.

Gensol Engineering share price history

The company’s stock has outperformed the market year to date as it has risen 16.8 per cent, while gaining 8.9 per cent in the last one year. In comparison BSE Sensex has risen 10.2 per cent year to date and 24.7 per cent in a year. 

 

The company has a total market capitalisation of Rs 3,137.20 crore. Its shares are trading at a price to earnings multiple of 23.63 times and at an earning per share of Rs 34.52. 

 

At 10:22 AM, the stock price of the company pared some of its gains and was up 2.18 per cent at Rs 833.25 a piece on the BSE. By comparison, the BSE’s Sensex was down 1.28 per cent to 78,700 level.