Stock Market Today: Gensol Engineering Shares Hit Upper Circuit Ahead of Budget 2024

Despite the Indian stock market trading cautiously ahead of the Union Budget 2024, Gensol Engineering shares saw strong buying on Tuesday morning. The share price opened at ₹984.90 on the NSE and reached an intraday high of ₹985.15, rising by 5 percent. This rise led to Gensol Engineering shares hitting the upper circuit.

Gensol Engineering News

Gensol Engineering attracted attention from investors after announcing it had secured 116 MW (150 MWp) of solar projects in Gujarat. The company shared this news with the stock exchanges on Monday.

In their statement, Gensol Engineering said, “We are pleased to inform that we have won the bid for 116 MW (150 MWp) of solar projects in Gujarat.”

“Gensol Engineering Ltd, known for its work in solar power engineering, procurement, and construction (EPC) services and the electric mobility sector, has secured a contract for 116 MW (150 MWp) of solar projects in Gujarat. These projects are expected to generate around INR 600 Crores in EPC revenue. They will be spread across 27 locations, all managed by Paschim Gujarat Vij Co. Ltd. (PGVCL), the state electricity distribution company,” the company added.

These projects aim to solarize agricultural feeders and are expected to be operational within 12 months of receiving the Letter of Award (LoA).

Solarizing agricultural feeders involves installing grid-connected solar projects to meet their annual power needs. This can be done at the feeder level to provide power for one or more agricultural feeders from a distribution substation.