Genus Power share price locked in 5% upper circuit; here’s why

Genus Power shares surge 5% on winning an order worth 2,247.37 crore for the supply of smart meters.

Dhanya Nagasundaram
Published1 Sep 2023, 02:33 PM IST
Genus Power share price opened at  <span class='webrupee'>₹</span>271.60 apiece on BSE, on Thursday.
Genus Power share price opened at ₹271.60 apiece on BSE, on Thursday.

Genus Power stock news: Genus Power shares were locked in 5% upper circuit on Friday's session after the company's arm bagged order worth 2,247.37 crore for the supply of smart meters. Genus Power share price opened at 271.60 apiece on BSE.

In its exchange filing, the company stated that its step-down arm has been issued a letter of award for Rs 2,247.37 crore for the appointment of Advanced Metering Infrastructure Service Providers (AMISPs), which includes design of the Advance Metering Infrastructure (AMI) system with supply, installation, and commissioning with FMS of 24.18 Lakh Smart Prepaid Metres, system metres, including OT Metres, and corresponding energy accounting under the DBFOOT model.

Due to the positive results of the "Reforms-Based, Result-Linked Power Distribution Sector Scheme," numerous State Electricity Boards (SEBs) have started the bidding process to purchase smart metres, the company said in an exchange filing.

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As previously stated, the company anticipates that the significant increase in order quantities will persist during the remaining quarters of fiscal year 2024.

Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures Ltd commented, “We are delighted to announce the win of yet another major order for smart meters. This is the third such order in the last two months, and it is a testament to the trust that our customers have in our capabilities.

Our total order book now stands at around Rs. 11,000 crore (net of taxes) – which signifies a landmark for our organisation, instilling us with a resolute belief that it will act as a driving force for exponential growth in our business operations within the Indian market. It further strengthens our position as the leading smart metering solutions provider in India."

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According to Agarwal, the demand for smart meters is growing rapidly in India, as the government under Revamped Distribution Sector Scheme (RDSS) scheme aims to install 250 million smart meters in all households across the country to improve the efficiency of the power sector. 

“We are well positioned to capitalize on this immense growth opportunity. 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 look forward to playing a leading role in the transformation of the Indian power sector,” further explained Agarwal in the filing on Thursday. 

On the technical front, as per trendlyne data, Genus Power stock price rose 219.6% and outperformed its sector by 162.4% in the past year. 

On Friday's session, Genus Power Infrastructures Ltd share price was hovering near its 52-week high level. Genus Power share price has gained 257.24% from 52-week low of 76, recorded on September 28, 2022. 

“Stock is in an uptrend and have given good returns to investors. With positive news flows, the buying interest in the stock still seems to continuing and hence, one should continue to ride the trend,” said Ruchit Jain, Lead Research Analyst at 5paisa.

Also Read: Maruti Suzuki share price hits fresh record high, up 16% in six months; should you buy?

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News in Numbers

Numbers that help you understand news better
$1 B

2 Hrs

19.50 L

250 MTPA

₹18.05 Cr

₹100/kg

First Published:1 Sep 2023, 02:33 PM IST
HomeMarketsStock MarketsGenus Power share price locked in 5% upper circuit; here’s why

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