Stock market today: Despite the Indian stock market trading cautiously ahead of the Union Budget 2024, Gensol Engineering shares witnessed strong buying in early morning deals on Tuesday. Gensol Engineering share price opened with an upside gap at ₹984.90 apiece on the NSE and touched an intraday high of ₹985.15 apiece, logging an intraday rise of 5 percent on Tuesday. While climbing to this intraday high, Gensol Engineering shares the logged-in upper circuit.
Gensol Engineering news
Gensol Engineering shares were under the radar of Dalal Street Bulls as the solar and EV solution provider company declared the receipt of 116 MW (150 MWp) of solar projects in Gujarat. The solar energy company informed the Indian stock market exchanges about receiving the solar project in an exchange filing on Monday.
The solar energy company declared the receipt of the solar power project, saying, “Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), we would like to inform you that the Company has emerged as winning bidder for 116 MW (150 MWp) of solar projects in Gujarat.”
“Gensol Engineering Ltd, a pioneer in solar power engineering, procurement, and construction (EPC) services and electric mobility sector, has emerged as the winning bidder for 116 MW (150 MWp) of solar projects in Gujarat with approx. EPC revenue of INR 600 Crores. These projects will be distributed across 27 diverse locations, all under the purview of Paschim Gujarat Vij Co. Ltd. (PGVCL), the state electricity distribution company,” the Company said in a written statement.
These projects aim for feeder-level solarisation and are anticipated to be operational within 12 months of issuing the Letter of Award (LoA).
Solarising agricultural feeders that are either already segregated or primarily serve agricultural loads involves installing grid-connected solar projects to meet their annual power requirements. Solar power projects can be deployed at the feeder levelto fulfil the power needs of single or multiple agricultural feeders from a distribution substation.
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