Engineering stock hits upper circuit after fundraise move

Stock market today: Shares of Gensol Engineering Ltd have been in an uptrend for the last one month. At this time, this engineering stock has risen from around ₹842 to ₹954.95 apiece levels, logging a nearly 13 percent rise in this time. However, it seems that the engineering stock still possesses some upside potential. The stock has been touching the upper circuit for the last two straight sessions.

Gensol Engineering share price today opened upside at ₹954.95 and touched a 5 percent upper circuit within a few seconds of the stock market's opening bell. In its exchange filing dated 1st February 2024, the board of directors of Gensol Engineering Ltd has fixed a board meeting date on 6th February 2024 to consider and approve the fundraising.

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Gensol Engineering news

The latest exchange filing by Gensol Engineering Ltd informed Indian stock market exchanges about the fundraising move saying, "Pursuant to regulation 29(1)(d) of the SEBI (LODR) Regulation, 2015, notice is hereby given that a meeting of Board of Director of the Company will be held on Tuesday, February 6, 2024, inter alia to consider and approve the proposal of raising funds by way of preferential issue of Securities to the person belonging to promoter/promoter group/Nonpromoter group Category, subject to such regulatory/statutory approvals as may be required and the approval of shareholders of the Company."

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Gensol Engineering Q3 results 2024

In Q3FY24 results, the renewable energy company reported an increase of 335 percent in total revenue on a year-on-year (YoY) basis whereas its EBITDA grew by 332 percent during this time. The company's EBITDA margins also improved in the recently ended quarter.

In the October to December 2023 quarter, Gensol Engineering Ltd reported a total revenue of ₹227 crore, which is 335 percent higher than its total revenue of ₹52 crore in the corresponding period of the previous financial year. The company's EBIDTA in Q3FY24 stood at ₹70 crore, reporting an increase of 312 percent against Q3FY23 EBIDTA of ₹17 crore. The renewable energy company reported an improvement in its EBITDA Margin as well in the recently ended quarter.

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