Shares of Genus Power shot up 5% on Wednesday morning after the company won ₹3,608 crore worth of orders.

What Happened: Genus Power said it won three letters of award (LOA) worth a total of ₹3,608.52 crore to appointment of advanced metering infrastructure service providers (AMISPs).

This will include design of an advance metering infrastructure (AMI) system with supply, installation and commissioning of 42.6 lakh smart prepaid meters, system meters, including DT meters with corresponding energy accounting on design-build-finance-own-operate-transfer (DBFOOT) basis.

Jitendra Kumar Agarwal, joint managing director at Genus Power Infrastructures said the company's order book has reached ₹28,000 crore with the recent order win. 

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The company on August 17 announced it won orders worth ₹ 2,925.52 crore. 

In its Q1 results, the company's net profit more than doubled to ₹48.33 crore compared to ₹23.05 crore in the previous year. Its revenue rose 58.61% year on year to ₹414.15 crore. 

Price Action: Shares of Genus Power rose 4.99% to hit the upper circuit at ₹437.75 on Wednesday. 

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