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Gensol Engineering stock zooms 6% on ₹301cr solar PV project win

Oct 25, 2023

By: BlinkX Research Team

Gensol Engineering Limited stocks zoomed nearly 6% during Wednesday's morning trading session after securing major order of solar PV project worth ₹301cr.

The project is for the conceptualization, engineering, provisioning, installation, testing, and commissioning of a state-of-the-art 62 MWAC Crystalline Solar PV Technology Grid Interactive Solar PV Power Plant. 

“Situated at Village Paras, Taluka Balapur, District Akola in Maharashtra, this initiative is a testament to Gensol's expertise and commitment to renewable energy, as endorsed by Maharashtra State Power Generation Co. Ltd. (MAHAGENCO) headquartered at 'HDIL Tower', Bandra (East), Mumbai”, the company said on Wednesday.

It further added, “this expansive project mandates a holistic solution approach. Beyond the primary Solar PV Power Plant setup, Gensol's responsibilities extend to the establishment of the associated HT overhead transmission line/underground cable, supplemented with all essential electrical equipment.”

Gensol Engineering Limited has emerged as the chosen entity with a comprehensive contract value of ₹301,54,79,730/- including taxes. The firm is poised to bring this project to fruition within a dedicated 12-month timeframe.

"We are deeply humbled and invigorated by the trust reposed in us by MAHAGENCO. As we set forth on this monumental endeavor, our allegiance to propelling India's sustainable energy landscape remains unwavering," articulated Ali Imran Naqvi, CEO, Gensol Engineering Limited.

At around 10:38 AM, shares of Gensol Engineering were surging higher by 5.95% at ₹884.90 per share on the BSE.