Shares of this construction stock under the ‘small-cap’ category hit its 52-week high after the company’s Board considered and approved the issue of Bonus shares in the ratio of 2:1. During the last one-month period, the company’s stock has jumped around 18 percent.
With a market capitalization of Rs 2,475.98 crores, the stocks of Gensol Engineering Limited closed at Rs 2,026.35 on Wednesday. The company’s scrip witnessed an intra-day high, also recorded as the new 52-week high mark, of Rs 2,119.45 indicating a gain of around 5 percent as compared to the previous close of Rs 2,018.55 apiece.
Such stock price movements were observed after the company, via a regulatory filing with the Bombay Stock Exchange (BSE) dated 5th September 2023, intimated that its Board of Directors (BOD) have considered and approved the issue of ‘Bonus Shares’ in the ratio of 2:1.
The same means that two bonus equity shares will be issued for every one equity share of the company. The said issue is subject to shareholder approval, and, the ‘Record Date’ is yet to be determined. The company, as per the historical records, had issued bonus shares in the ratio of 1:3 in October 2021.
In the past couple of financial years, the company’s operating revenues as well as net profits have shown a good amount of growth with the former increasing from Rs 160 crores during FY21-22 to Rs 392 crores during FY22-23, and, the latter, keeping the timeframe the same, have seen an upward movement from Rs 11 crores to Rs 24 crores.
According to the latest shareholding pattern data available with the exchanges, the company’s Promoters hold a 64.67 percent stake, and the Foreign Institutional Investors (FIIs) hold a 1.94 percent stake in the company.
Gensol Engineering Limited is involved in the business of providing detailed engineering, technical due diligence, quality control, and other consulting services for solar projects across various regions within as well as outside India.
Written by Amit Madnani
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