Gensol Engineering extend rally for 5th straight day, hit lifetime high on announcement of 2:1 bonus share issue

Shares of Gensol Engineering were locked in a 5 per cent upper circuit in morning trade on Wednesday continuing its ascent for the 5th straight day after the company announced 2:1 bonus share issue. The shares surged to an all-time high of Rs 2,119.45 apiece on BSE.  

The bonus issue means that shareholders will receive 2 bonus shares for every 1 equity share of the company they held as of the record date. The company has not finalised the record date for the bonus issue.

Gensol Engineering’s Board of Directors approved the 2:1 bonus share issue proposal at its meeting held on Tuesday, September 5.

In a filing to the stock exchanges on Tuesday, Gensol Engineering said that the company is set to hold its annual general meeting on September 29, providing shareholders with the opportunity to vote on the proposal for issuing of bonus shares, among other ordinary matters concerning the company's operations. The decision to recommend bonus shares reflects the company's confidence in its growth prospects and commitment to enhancing shareholder value.  

Gensol Engineering share price

Gensol Engineering shares were trading at Rs 2085.15 apiece, up 3.30 per cent, on BSE at 11:24 AM. The stock has gained over 16 per cent in the last five sessions and nearly 20 per cent in the past one week.

In recent months, Gensol Engineering has been an attractive choice for investors, boasting an impressive return of 129 per cent over the last 6 months and nearly 100 per cent in the past three months. The small cap engineering stock has seen a staggering 3300 per cent rally over the past 3 years on BSE.  

Gensol Engineering Q1 result 

Gensol Engineering recently reported a net profit of Rs 10.2 crore for the quarter ended June 30, 2023, compared to a net profit of Rs 10 crore in the preceding fiscal. The company has shown significant growth in its revenues, with the first-quarter figure for the current fiscal reaching Rs 151.7 crore, up from Rs 102.9 crore in the year-ago period. The company's Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) also witnessed a substantial increase at Rs 43.7 crore, compared to Rs 15.7 crore in the same quarter a year ago.