Stock market today: Gensol Engineering shares witnessed strong buying in the early morning session as the solar company has declared a winning fresh project worth ₹463 crore. Gensol Engineering share price today opened with an upside gap at ₹1,005 apiece on the NSE and touched an intraday high of ₹1,014.90 per share, logging around a 5 percent intraday rise against its Friday's close of ₹966.60 per share.
According to stock market experts, Gensol Engineering has a strong order book, and the company has been receiving fresh orders from oil and other PSUs. Recently, the company received a solar project in Gujarat worth ₹463 crore. They said the stock is on a bull trend and can go up to the ₹1200 per share mark as it is on the cusp of giving a fresh breakout at the ₹1100 level.
Speaking on the triggers fueling Gensol Engineering shares, Avinash Gorakshkar, Head of Research at Profitmart Securities, said, “The solar energy division of the company has a strong order book as it has been getting fresh orders from various companies, including oil-manufacturing PSUs. The company has recently announced that it has received a ₹463 crore solar power project in Gujarat. This has also injected fresh blood in the solar stock.”
Asked about the technical outlook of Gensol Engineering shares, Sumeet Bagadia, Executive Director at Choice Broking, said, “Gensol Engineering is on an uptrend in recent sessions. It has made a strong base at ₹920 apiece level and has crossed above ₹1,000 decisively. The solar stock is now on the cusp of a fresh breakout at ₹1100. After closing above ₹1100, we expect Gensol Engineering shares to touch ₹1200 soon. This means the stock has around 20 per cent upside potential from current levels.”
Gensol Engineering informed the Indian stock market exchanges about the fresh ₹463 crore order saying, "Gensol Engineering Ltd, a pioneer in solar power engineering, procurement, and construction (EPC) services and electric mobility sector, has received Notification of Award for the Engineering, Design, Procurement, Erection, Testing & Commissioning for INR 463 Crores Solar plant at Khavda RE Power Park, Rann of Kutch, Gujarat. The ₹463 crores project will be state of the art with a fixed tilt module mounting structure and the remaining system balance."
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
