The share of Genus Power Infrastructures Ltd’s shares surged by 5% in early trading today due to its subsidiary bagging a significant Rs 1,026.31 crore contract. The stock, which opened at Rs 234.50 on the BSE, showed an upward trend from its previous close at Rs 223.35, hitting the upper circuit limit.
The company’s market cap increased to Rs 6,041.61 crore as 1.99 lakh shares were traded, amounting to a turnover of Rs 4.66 crore on the BSE.
Over the past three years, Genus Power’s shares have delivered impressive returns, showing a remarkable 575% increase. In the last year alone, the stock has seen a 157% surge, with a staggering 177% rally in 2023.
The recent order acquired by the company involves the appointment of Advanced Metering Infrastructure Service Providers for about a million Smart Prepaid Meters, among other systems and services, which will help to boost its company of share.
Regarding technical indicators, Genus Power’s relative strength index (RSI) stands at 40.1, indicating moderate trading conditions without being oversold or overbought. The stock is currently trading above its 5, 10, 20, and 200-day moving averages but below the 30, 50, and 100-day moving averages.
Jitendra Kumar Agarwal, the Joint Managing Director of Genus Power Infrastructures, highlighted the company’s recent success, securing seven orders totaling approximately Rs. 16,185 crore since July 2023. The total order book now surpasses Rs. 20,000 crore.
In terms of financials, the company reported a significant rise in net profit to Rs 49.2 crore in Q2 compared to Rs 6.5 crore in the corresponding quarter of the previous fiscal. Revenue also showed in the growth, and well reaching Rs 308 crore in the September 2023 quarter against Rs 223 crore a year ago.
Genus Power primarily operates in metering solutions and engineering, showcasing growth in its financial performance, with net profit climbing to Rs 35 crore in FY23 and revenue reaching Rs 826.8 crore in the last fiscal of the year.
The company’s success reflects the trust from clients and commitment to quality and innovation as well as in growth, as stated by Jitendra Kumar Agarwal, amidst the consistent growth and expansion of their order book and operations.
