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Business News/ Markets / Stock Markets/  Stock market today: Gensol Engineering share price rebounds after retracing from 52-week high. Buy or sell?
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Stock market today: Gensol Engineering share price rebounds after retracing from 52-week high. Buy or sell?

Stock market today: Gensol Engineering share price is rising as the company has won two solar projects worth ₹337.70 crore in Rajasthan, say experts

Stock market today: Gensol Engineering shareholders can hold the scrip maintaining a trailing stop loss at ₹1,170 apiece level, say experts.Premium
Stock market today: Gensol Engineering shareholders can hold the scrip maintaining a trailing stop loss at 1,170 apiece level, say experts.

Indian stock market today: Despite weak trends in the Indian stock market today, Gensol Engineering share price has managed to find buyers' interest in the early morning session on Monday. Gensol Engineering share price today opened higher at 1,247.60 apiece on NSE and went on to touch an intraday high of 1264 per share level, logging an intraday rise of around 4 percent within few minutes of the opening bell.

Gensol Engineering share has delivered over 40 percent return to its investors in one month and touched a 52-week high of 1,377.10 apiece on BSE on Tuesday last week. However, the energy stock came under profit-booking pressure and remained under the consolidation phase after climbing to the new 52-week peak.

According to stock market experts, Gensol Engineering share price today is rising because the energy stock has received two new solar projects in Rajasthan worth 337.70 crore. They said that the company has won this project after winning a PLI bid for the Hydrogen Electrolyser Manufacturing Plant in the first fortnight of this month.

Why Gensol Engineering share price is skyrocketing?

On reasons that have fueled Gensol Engineering share price in recent sessions, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Gensol Engineering share price today is looking positive as the stock has attracted bulls' attention after the latest exchange filing in which it has claimed winning 377.70 crore solar projects in Rajasthan. This second big fundamental development for the company after winning a PLI bid For Hydrogen Electrolyser Manufacturing Plant under the Sustainable Hydrogen Innovation & Green Hydrogen Technologies (SIGHT) program."

Gensol Engineering share price target

Expecting more upside in Gensol Engineering share price, Sumeet Bagadia, Executive Director at Choice Broking said, “Those who have Gengol Engineering shares in their stock portfolio, they can hold the scrip maintaining a trailing stop loss at 1,170 apiece level. The stock may go up to 1,300 and 1,350 per share level in the short term."

On the suggestion to fresh investors, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi said, "Fresh buying is not advised in the stock at current level. Those who have a high-risk appetite can buy the stock only when if the stock retraces below 1,200 and keep on accumulating till the stock is trading above 1,120 per share level. High-risk investors have this stock in their portfolio and they have a long-term view, they can hold the scrip maintaining a stop loss below 1,120 and keep on accumulating on every big dip."

Gensol Engineering news

In its latest exchange filing, Gensol Engineering Ltd informed Indian stock market bourses about the solar project saying, "Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), we would like to inform you that the Company has in normal course of business, received orders from two leading IPPs, who are global renewable power producers focused on delivering clean and reliable solutions. The aggregate value order value of these two projects is approximately around 337,70,00,000 (Indian Rupees Three Hundred Thirty Seven Crores and Seventy Lakhs Only), including taxes."

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 26 Feb 2024, 12:23 PM IST
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