Shares of Gensol Engineering Ltd surged 3% on 14 October after the company announced receiving a Rs 186 crore contract for a 23-megawatt peak (MWp) rooftop solar project in Dubai.

In its regulatory filing, the company said that they were awarded the contract by the UAE’s clean energy and sustainable development company to design, build, and maintain rooftop solar photovoltaic (PV) systems for the engineering facilities of a top aviation company in Dubai.

As per the filing, the contract will be executed over a period of 20 months and will have a total installed capacity of 23,178 kWp (23 MWp). 

This project highlights the company’s commitment towards driving sustainability in the Middle East by helping the region’s transition to cleaner energy sources. 

According to data that may be obtained from the BSE, its equities have performed poorly over the last six months, with a negative 14% return. Nevertheless, the stock generated multi-bagger returns of 2,573.59% over the preceding three years.

The board of the business authorised a Qualified Institutional Placement (QIP) to raise Rs 750 crore earlier in September. With a concentration on solar power engineering, procurement, and construction (EPC) services and electric mobility solutions, the company is a renewable energy specialist.

At 12:447 pm, the shares of Gensol Engineering were trading 1.93% higher at Rs 842.40 on NSE.

Ready to invest like a pro? Unicorn Signals app equips you with 100+ Free tools and knowledge you need to succeed. Download the Unicorn Signals app and gain access to daily stock lists and insightful market analysis and much more!