Gensol Engineering shares locked at upper circuit on bagging Dubai projects

Aggregating to a capacity of 14.08 MWp, these projects have a cumulative order value of Rs 101.6 crore, without taking taxes into account, the company said in a statement.

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Gensol Engineering share price locked at 5 percent upper circuit on August 29 after the company bagged Solar EPC projects in Dubai. The company announced its two turnkey maiden international solar engineering, procurement, and construction (Solar EPC) projects with the Dubai Government Workshop Warehouse and the Dubai Police.

Aggregating to a capacity of 14.08 MWp, these projects have a cumulative order value of Rs 101.6 crore, without taking taxes into account, the company said in a statement.

The two turnkey contracts with the Dubai Government Workshop Warehouse and the Dubai Police entail design, engineering, supply, construction, erection, testing, and commissioning along with an operation & maintenance of these projects.

The Dubai Government Workshop Warehouse project is slated for commissioning in November 2023, while the Dubai Police project is scheduled to go online in June 2024.

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More order wins

Earlier in this month, the company had received an LoI from Odisha Renewable Energy Development Agency (OREDA) to provide 300 electric vehicles with fleet management service on an operating lease for five years.

The company had reported a consolidated net profit of Rs 10.2 crore for the June quarter.

Gensol Engineering is a part of the Gensol group of companies, which offers engineering, procurement, and construction (EPC) services for the development of solar power plants.

Expanding its operations, Gensol has also established a cutting-edge electric vehicle (EV) manufacturing facility in Pune, India, for the development and production of electric three wheelers and four wheelers.