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Business News/ Markets / Stock Markets/  Gensol Engineering upper circuit: Gensol Engineering share price surges 5% on highest-ever revenue growth in FY24
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Gensol Engineering upper circuit: Gensol Engineering share price surges 5% on highest-ever revenue growth in FY24

Gensol Engineering share price hit the upper circuit with a 5% surge, driven by the company's exceptional operational revenue of Rs. 960 crore—a 141% YoY increase. The stock opened at ₹941.95, reaching an intraday high of ₹948.95.

Gensol Engineering share price today opened at ₹941.95 apiece on BSE and touched an intraday high of ₹948.95 and an intraday low of ₹932. (Pixabay)Premium
Gensol Engineering share price today opened at 941.95 apiece on BSE and touched an intraday high of 948.95 and an intraday low of 932. (Pixabay)

Gensol Engineering share price was locked at 5% upper circuit on Wednesday's session following the announcement by the company that it had achieved its highest-ever operational revenue of over Rs. 960 crore—a 141% YoY growth in the fiscal year that concluded on March 31, 2024. Gensol Engineering share price today opened at 941.95 apiece on BSE and touched an intraday high of 948.95 and an intraday low of 932. 

According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One Gensol Engineering share price has hit the 5% upper circuit in today's session. Overall, the counter has the tendency to move in circuits; the volume is comparatively low, and one should avoid such illiquid counters.

Also Read: Multibagger NALCO share price rises 5% to 52-week highs on strong business updates; achieves record production and sales

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The company in its exchange filing said that this outstanding accomplishment translates into an exceptional growth rate of 141% when compared to the prior fiscal year. The corresponding figure for the previous year was at 398 crores. Gensol's outstanding performance highlights its leadership position in the sector and demonstrates its capacity to seize new opportunities and provide value to its stakeholders.

Gensol Engineering specialises in electric mobility solutions and solar power engineering, procurement, and construction (EPC) services.

With the announcement that its subsidiary Scorpius Trackers had achieved a noteworthy milestone of 1000 MW+ in contracted orders across India, Japan, Saudi Arabia, and Uganda, the company began the new fiscal year on a positive note.  and set its position as a major player in the global solar tracking industry.

Also Read: Gopal Snacks shares tumble 5% to hit a new all-time low on weak Q3 earnings

In the quarter that concluded in December 2023, Gensol Engineering posted a consolidated net profit of 12.31 crore, marking their comeback to profitability. In the October–December quarter of the previous fiscal year, 2022–2023—it had a net loss of 1.90 crore. The business's total income for the quarter increased to 227.12 crore from 52.22 crore during the same time last year.

Gensol Engineering share price rose 156.08% and outperformed its sector by 72.54% in the past year, as per trendlyne data.

Also Read: SRM Contractors share price hits 5% upper circuit after muted listing; What should investors do?

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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Published: 03 Apr 2024, 12:53 PM IST
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