Thursday, June 13, 2024
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HomeStocksGensol Engineering jumps 4% after signing MoU with the Government of Gujarat

Gensol Engineering jumps 4% after signing MoU with the Government of Gujarat

About the MoU: 

Gensol Engineering Limited (GEL), which is in the business of renewable energy and electric mobility announced a partnership with the Government of Gujarat, electrifying India’s path towards a sustainable future. This Memorandum of Understanding (MoU) signed in the presence of Chief Minister Bhupendra Patel, as part of the investment promotion activity for Vibrant Gujarat Global Summit 2024, marks a Rs 2,000 crore investment in a state-of-the-art Electric Vehicle (EV) manufacturing for Gensol EV, poised to generate around 1,500 green jobs in the region. 

Stock Performance:

In the last trading session, the stock closed at Rs 803.60. Today, it opened at Rs 843.75 and is currently trading at Rs 839, marking an increase of 4.41%. The company’s 52-week high stands at Rs 945.85, while its 52-week low stands at Rs 265.42. Over the past six months, the company’s shares have provided staggering returns of 80.31%. Looking back over the past year, the company’s shares have yielded multibagger returns of 145.82%. In the same time frame, BSE Sensex has changed by 17.71%. 

About the company 

Gensol Engineering Limited is a part of the Gensol group of companies, which offer engineering, procurement, and construction (EPC) services for the development of solar power plants. Over the years, Gensol has successfully installed ground-mounted and rooftop solar power plants with a combined capacity of over 600 MW. Expanding its operations, Gensol has also established a cutting-edge electric vehicle (EV) manufacturing facility in Pune, India, for the development and production of electric three-wheelers and four-wheelers. It has devised solutions across various customer segments – passenger, fleet and cargo. Alongside, Gensol offers comprehensive EV leasing solutions and is serving a diverse range of B2B customers. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions. 
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