Gensol Engg shares gain 5% on MoU with Gujarat govt for Rs 2,000 cr investment

The share touched a 52-week high of Rs 945.85 and a 52-week low of Rs 265.68 on 18 October, 2023 and 14 March, 2023, respectively.

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The Gensol Engineering stock gained 5 percent in opening trade on January 9 after the company executed a Memorandum of Understanding (MoU) with the Gujarat Government for Electric Vehicle Manufacturing.

At 9:36 am, Gensol Engineering was quoting at Rs 842.00, up Rs 38.40, or 4.78 percent, on the BSE.

“……… has executed Memorandum of Understanding with the State Government of Gujarat for an investment of Rs 2,000 crore for Electric Vehicle Manufacturing. It will generate around 1,500 jobs in the region,” the company said.

The Memorandum of Understanding has been signed with the State Government of Gujarat for an investment of Rs 2,000 crore for Electric Vehicle Manufacturing.

“We extend our sincere gratitude to the Government of Gujarat for their invaluable collaboration and support. Our profound thanks for fostering an environment that aligns with our vision for revolutionizing the ever-growing EV landscape. The Rs 2,000 Crore investment stands as a testament to our confidence in the state’s commitment to sustainable growth and green manufacturing. We look forward to a mutually beneficial partnership that propels Gujarat to new heights in the EV revolution,” said Anmol Singh Jaggi, Co-founder, Gensol Group.

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The share touched a 52-week high of Rs 945.85 and a 52-week low of Rs 265.68 on October 18, 2023, and March 14, 2023, respectively.

Currently, the stock is trading 10.98 percent below its 52-week high and 216.92 percent above its 52-week low.