Back-to-back upper circuit: The shares of this multibagger renewables energy are up by 15 per cent in three trading sessions – EQ Mag
The shares of Gensol Engineering have corrected by nearly 50 per cent its September all-time high in last year. But the stock is witnessing a bounce back in the recent trading sessions. The stock is seen hitting a series of consecutive upper circuit from the last three trading sessions and the shares have appreciated by nearly 17 per cent in the same time period. On one year basis the shares of Gensol Engineering have hopped by 755 per cent, while in 6 months the stock has delivered 82 per cent returns.
The market cap of the company is Rs 1,253 crore and is currently trading at Rs 1,171.50 per share. The company has completed all the formality regarding the US based company acquisition for getting the whole technology. The company has recently commissioned an EV Plant at Chakan, Pune. The company has incorporated its subsidiary company Gensol Electric Vehicles Private Ltd. The manufacturing capacity which was planned at 1200 units per month, has been increased to 2500 units per month on the basis of the initial positive market response.
The company has total capex Rs 230 crore; of which Rs 130 crore is equity and has Rs 100 crore of debt. Gensol is also planning to launch a fleet of taxis and will be rolled out in April 2023. Also, it is scheduling cargo vehicles to be rolled out by May 2023 and personal mobility cars to be rolled out by Oct 2023. It also has plans in Oct 2023 to unveil its 4W plans and prototypes.
The company is similarly coming up with a second plant at Sanand (Gujarat) for EV segment by Oct 2023, which will have a capacity of 50,000 units per year. This plant will give revenue close to Rs 5,000 crore annually. Together, the Pune plant and Sanand Plant will give revenue of nearly Rs 6,000 crore per year on top line by FY25. For its Blu smart business, Gensol has taken 3000 cars from Tata Motors and planning to order 10,000 more cars from Tata Motors.
Investors should keep an eye on this stock in the upcoming sessions.
Source: PTI
