Shares of Gensol Engineering Ltd. were locked in an upper circuit of 5% on Thursday after it emerged as a successful bidder for a battery storage project worth Rs 1,340 crore.
The project from Gujarat Urja Vikas Nigam Ltd. will supply electricity on an 'on-demand' basis to the state distribution companies during peak and off-peak hours, extending renewable energy availability beyond solar hours. This will help fulfil energy storage-purchase obligations, and enhance grid resilience, according to an exchange filing.
Gensol's stock jumped as much as 5% during the day to Rs 1,068.05 apiece on the NSE. It was still locked in the upper circuit, compared to a 0.33% rise in the benchmark Nifty as of 11:03 a.m.
The stock has risen 26.31% on a year-to-date basis. The total traded volume so far in the day stood at 0.9 times its 30-day average. The relative strength index was at 66.53%.
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