Gensol Engineering’s stock jumped over 3% on Monday after the company secured a Rs 186 crore contract for a 23 MWp rooftop solar project in Dubai. The renewable energy firm won the order from a sustainable development company in the UAE, tasked with designing, constructing, and maintaining rooftop solar photovoltaic (PV) systems for a major aviation firm’s engineering facilities in the city.
The stock moved up by 3.45% to an intraday high at Rs 855 per share on NSE in a beaten-up market for the second day in a row, after the company announced the contract. The project is to be executed in 20 months, the company said in a filing.
While the company has given a negative return of about 14% in the last six months, shares of Gensol have yielded phenomenal long-term returns and it has surged 2573.59% in three years.
In September, the board of Gensol approved a Qualified Institutional Placement to raise Rs 750 crore. The company is a pure play renewable energy services player, mainly in the solar power EPC business and provides electric mobility solutions.
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Source: Moneycontrol
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