Shares of Genus Power were locked at 5℅ lower circuit on 5 December after Enforcement Directorate officers conducted a search at the company’s corporate office and a search at their chairman’s home two days ago.

However, the management of the company stated that there will be no effect on business operations and business will remain as usual.

In its regulatory filing, the company said, “The company has extended full cooperation to the officials and promptly provided all requested clarifications and details during the search proceedings.”

So far this year, the stock of this electrical equipment manufacturer has soared by nearly 90%, compared to a 12% gain in the benchmark Nifty 50 index. On 3 December 2024, Genus Power shares reached a 52-week high of Rs 485 per share.

In the quarter ending September, the company posted a significant year-on-year increase in net profit, rising to Rs 58 crore, while total income grew by 93% YoY to Rs 518 crore. However, expenses also rose by 57% YoY, reflecting increased operational costs amid the company’s expanding business operations.

Genus Power specializes in producing and supplying electrical equipment, with a focus on energy meters, power distribution systems, and infrastructure solutions. The company is well-regarded in the energy sector for its diverse portfolio, which includes advanced electricity metering systems, power distribution automation, and innovative smart grid technologies.

At 2:08 pm, the shares of Genus Power were locked 5℅ lower at Rs 439.70 on NSE.

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