Gensol Engineering’s share price was up 5% to hit an intraday high of ₹890.
What Happened: Gensol Engineering has secured a ₹301.5 crore project from the Maharashtra State Power Generation Company (MAHAGENCO) to construct a 62 megawatt alternating current solar power project. In an announcement made on Wednesday, Gensol Engineering revealed that it has been tasked with a project to design, supply, install, test, and commission a 62 megawatt alternating current crystalline solar PV technology grid interactive solar PV power plant.
The project site will be located at Village Paras, Taluka Balapur, District Akola in Maharashtra. The project aligns with MAHAGENCO’s objective to set up a solar power facility in Maharashtra, which is in line with the “Flexibility in Generation of Thermal Power station through Bundling with Renewable Energy” policy, introduced by the Ministry of New and Renewable Energy in April 2022.
Gensol Engineering will also set up an associated HT overhead transmission line/underground cable, furnished with all necessary electrical equipment. In addition, the company also has a five-year operation & maintenance project for the solar power plant and its associated evacuation mechanism. The company aims to finish the project within a period of 12 months.
The company earlier this month issued bonus shares to investors. Ace investor Mukul Agrawal picked up a 1.64% stake in the company.
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Price Action: Gensol Engineering’s share price was up 3.54% to trade at ₹868.15 in early trade on Wednesday.
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