Shares of Gensol Engineering extended its uptrend, up 5 percent in 2 days to Rs 970 apiece on August 28. The rally extension came as the company entered the US market with the launch of its subsidiary Scorpius Trackers Inc in Delware.
So far this year, the stock jumped over 12 percent, underperforming benchmark Nifty 50's 15 percent rise. Earlier, it had hit 52-week high of Rs 1,377 apiece on February 20, 2024.
Catch all the market action on our LIVE blog
Scorpius Trackers' first US office will be strategically located in California, as the company will be at the heart of one of the most dynamic renewable energy markets globally. The move will help the firm leverage the vast potential of the US solar tracker market, which is reportedly the largest in the world and deploys trackers aggregating close to 25,000 megawatts annually.
“The US market is pivotal to our global strategy, and the launch of Scorpius Trackers Inc. marks a significant milestone in our growth journey. With the USA leading the world in solar tracker adoption, our entry into this market aligns perfectly with our vision to provide designed in India and made in India high technology products to the world," said Anmol Singh Jaggi, chairman and managing director of Gensol Engineering.
Apart from this, the company recently bagged Rs 40 crore order from a leading textile company for execution of 16 MWp turnkey EPC rooftop solar project. This is a repeat order for Gensol, which will be installed in Madhya Pradesh and Gensol will commission the project in six months
In the recently concluded June quarter, Gensol Engineering reported a two-fold jump in profit to Rs 32.5 crore, while revenues surged to 275 crore. Gensol is expanding its presence in current and new business segments like Solar, BESS (battery energy storage systems) & EV Leasing, which are poised for significant growth in the near future, boosting our overall profitability, the management said following strong Q1 results.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
