Shares of Gensol Engineering surged close to 8 percent on September 26, breaking a nine-day losing run. The trend reversal in the stock comes after its promoter and managing director, Anmol Singh Jaggi lapped up 12,000 shares of the company, although a marginal stake increase but still enough to usher confidence among investors.
With this, the promoter now holds a 21.17 percent of stake in Gensol Engineering. "The guidance and trust of the promoters feeds new energy in the company," Gensol Engineering stated in an exchange filing.
At 11.10 am, shares of Gensol Engineering were trading at Rs 873 on the NSE. Trading volumes in the counter were strong for yet another session as three lakh shares already changed hands so far, higher than the one month daily traded average of two lakh shares. The trading volumes were even higher in the last session which saw four lakh shares change hands.
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Meanwhile, the stock has been on a downturn for the past nine sessions, shedding as much as 11 percent in the period. The scrip has also been under pressure in the past month, having lost close to 5 percent.
Earlier this month, the company’s board approved a Qualified Institutional Placement (QIP) to raise Rs 750 crore. Specialising in renewable energy, the company focuses on solar power engineering, procurement, and construction (EPC) services, along with electric mobility solutions.
In June, the company secured an additional 250 MW/500 MW Battery Energy Storage System (BESS) project from Gujarat Urja Vikas Nigam Limited (GUVNL), bringing its order book in this segment to Rs 3,100 crore. GUVNL had previously awarded the company a BESS project of similar capacity.
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