Gensol Engineering Shares Hit Upper Circuit Post Rs 600-Crore Solar Project Win

Shares of Gensol Engineering Ltd. were locked in upper circuit on Tuesday after the company emerged as the winning bidder for 116-megawatt solar projects in Gujarat for Rs 600 crore.

Projects across 27 diverse locations under the ambit of Paschim Gujarat Vij Co.—the state electricity distribution company—will be allocated, according to an exchange filing on Monday.

These projects aim to achieve feeder-level solarisation and are expected to be functional within 12 months from the issue of the letter of award, the filing said.

Shares of the company rose as much as 5% to Rs 985.15 apiece, the highest level since July 15. They were locked in upper circuit, as of 10:00 a.m. This compares to a 0.16% decline in the NSE Nifty 50.

The stock has risen 16.51% year-to-date, and has risen 78.25% in the last 12 months, as per Cogensis data. Total traded volume so far in the day stood at 4.9 times its 30-day average. The relative strength index was at 49.8.