Stock Market Today: Small-cap stock Gensol Engineering jumped over 9 per cent in intra-day trade on Friday, December 27 after the company bagged an order worth ₹897.47 crore from NTPC Renewable Energy. With today’s rise, the stock snapped its five-day losing run.
Gensol Engineering in an exchange filing informed that the contract from NTPC Renewable Energy is for the development of 225MW-AC (Equivalent To 276 MWDC) Grid Connected Solar PV Projects at GSECL Solar Park (Stage-III), Khavdalocated in the Rann of Kutch, Gujarat.
The total bid value for this project, including operations and maintenance (O&M) for a duration of three years, amounts to approximately ₹897.47 crore, inclusive of taxes and duties.
“The contract between NTPC REL and Gensol Engineering was formally executed last week, marking a substantial milestone for both entities in their pursuit of advancing renewable energy infrastructure in India,” the company said in an exchange filing on Thursday.
Commenting on the order win, Shilpa Urhekar, Chief Executive Officer, Solar EPC (India) at Gensol Engineering said, “This collaboration demonstrates the belief in Gensol’s leadership in project management proficiency and renewable expertise. Recognising the customer needs, and excellent execution together with the world-best technology and O&M expertise is what sets apart us from other EPC players. This order is paramount for fulfilling India’s escalating need for clean and sustainable energy, in line with the government’s vision to fulfil this need.”
Stock Price Impact
Following the update, Gensol Engineering share price jumped 9.34 per cent to the day’s high of ₹780 apiece. Later in the day, the stock gave up some gains, and was trading at ₹756.45, up 6.04 per cent on the BSE around 11.15 am.
Gensol Engineering share price opened at ₹751.05 as against the previous close of ₹713.35. The stock hit its 52-week low of ₹712 on December 26 and a 52-week high of ₹1,377 on February 20. The company has a market capitalisation of ₹2,861.68 crore.
The stock has had a forgettable year as it has declined 6 per cent on a year-to-date (YTD) basis, while it has dropped over 27 per cent in the last six months. Even in the last one month, the stock has shed more than 5 per cent, signalling weak investor interest in the stock.
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