Gensol Engg shares zoom over 3% as company bags Rs 186 crore contract in Dubai

Gensol Engineering shares zoom over 3% as company bags Rs 186 crore contract in Dubai

Gensol Engineering shares advanced over 3 percent on Monday after the company bagged Rs 186 crore contract for 23 MWp rooftop solar project in Dubai.

A leading player in the renewable energy sector bagged the order by UAE’s sustainable development and clean energy development company for the design, construction, and long-term operation and maintenance of rooftop solar photovoltaic (PV) systems for the engineering facilities of a leading aviation company in Dubai.

The order led to the sharp up move in the share price of the company with the stock touching an intraday high of Rs 855 per share on the NSE, rising 3.45 percent. The stock gained after two days of consecutive fall.

The contract is set to be executed over a 20-month period, the company said in an exchange filing.

According to the data available on the BSE, its shares have delivered negative returns of around 14 percent in the last six months. However, the stock gave multibagger returns of 2573.59 percent in the last three years.

Earlier in September, 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.

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