Genus Power Infra share price locked in 5% upper circuit on ₹3,115 crore order win

Genus Power Infrastructure share price was locked in 5% upper circuit on Tuesday's trading session after the company bagged order worth ₹3,115.01 crore for smart prepaid meters. Genus Power share price opened at ₹273.80 apiece on BSE.

In its exchange filing, the company stated that its wholly-owned subsidiary had received two letters of awards totalling ₹3,115.01 crore for the appointment of Advanced Metering Infrastructure Service Providers (AMISPs), including the design of an AMI system and the supply, installation, and commissioning of 34.79 lakh smart prepaid metres, system metres, including DT metres, and associated energy accounting on a DBFOOT basis.

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The bidding procedure for smart metres has already started in many State Electricity Boards (SEBs), demonstrating the benefits of the "Reforms-Based, Result-Linked Power Distribution Sector Scheme." In the ensuing quarters of fiscal year 2024, Genus Power Infrastructure forecasts a steady and significant growth in order volumes.

“We are pleased to announce our achievement in securing additional substantial orders for smart meters during the current fiscal year. This is a testament to the trust that our customers have in our capabilities and our commitment to providing high-quality products and services. These orders reinforce our dominant market standing as the foremost provider of intelligent metering solutions in the Indian market.

Our total order book now stands at over ₹14,000 crore (net of taxes) – which gives visibility into robust future revenue growth. We have a strong track record of delivering metering projects on time and within budget. We also have a wide network of partners and suppliers, which allows us to provide end-to-end solutions to our customers. We would like to thank our customers for their trust and support, and we look forward to working with them to successfully deliver these projects,” said Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures Ltd. 

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On the technical front, as per trendlyne data, Genus Power share price rose 233.17% and outperformed its sector by 175.85% in the past year.

According to analysts, The broader trend for the stock is positive. The 40 DEMA around 245 is crucial near term support.

Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One said that the stock is in strong uptrend and post its sideways consolidation phase has resumed its primary uptrend by breaking the higher range. 

“We are seeing a gap up opening and 5% upper circuit. in the near term prices may extend move towards 290 with 260 as immediate support,” added Bhosale. 

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