Genus Power hits 5% lower circuit as Enforcement Directorate conducts search operations

So far this year, the stock of this electrical equipment maker has surged nearly 90 percent

Shares of Genus Power were locked at 5 percent lower circuit at Rs 449 per share on December 5 after officers of Directorate of Enforcement conducted a search at the comoany's corporate office and Chairman's residence on two days back. The management stated that the business operations remain unaffected and continued as usual.

"The company has extended full cooperation to the officials and promptly provided all requested clarifications and details during the search proceedings," said Genus Power in its exchange filing.

So far this year, the stock of this electrical equipment maker has surged nearly 90 percent, as against benchmark Nifty 50's 12 percent rise. Earlier, Genus Power shares had hit 52-week high of Rs 485 per share on December 3, 2024.

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In the September ended quarter, the company reported a multi-fold YoY jump in net profit to Rs 58 crore, while total income surged 93 percent YoY to Rs 518 crore. The company's expenses also saw an increase of 57 percent YoY, hinting at heightened operational costs amid a growing business landscape.

Recently, credit ratings agency CRISIL Ratings had assigned long-term bank loan facilities as "stable."

Genus Power specialises in manufacturing and supplying electrical equipment, focusing on energy meters, power distribution systems, and infrastructure solutions. Renowned for its contributions to the energy sector, the company offers a diverse portfolio that includes advanced electricity metering solutions, power distribution automation, and cutting-edge smart grid technologies.

Around 2 brokerages cover Genus Power stock - both of them have a "buy" rating on the counter.

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