Small Cap Stock Jumps 5% After Massive EV Order

Shares of Gensol Engineering experienced a bump in early trade today after the company announced bagging an order of over 500 EVs.

What Happened: The company on Thursday morning said that its subsidiary Gensol EV Lease Pvt. Ltd. has received an order to lease out over 500 electric cargo vehicles. The order is from an all-electric logistics company and is valued at around ₹75 crore.

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The company in a statement said that an Initial batch of more than 20 EVs have already been leased, with the remaining cars to be deployed over the next six months. The deployment would be across five states in India – Maharashtra, Karnataka, West Bengal, Tamil Nadu and Telangana.

“In addition, we are working with customers in the PSU, last-mile delivery and employee transportation business with a leasing requirement of 100+ electric vehicles,” the company added in the statement.

The announcement saw the stock jump up close to 5% to hit an intraday high of ₹2,085.65.

Price Action: Gensol Engineering’s share price was up 4.66% to trade at ₹2,078.95 in early trade on Thursday.

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