Gensol Engineering wins Rs 300 crore contract from Maharashtra State Power Generation, shares jump over 9% intraday

Construction major giant Gensol Engineering has secured a contract from Maharashtra State Power Generation Co Ltd (Mahagenco). The order is worth Rs 301.5 crore. Following the announcement, Gensol Engineering shares rallied more than 9 per cent to the day's high of Rs 914.70. The stock closed at Rs 886.80, up around 6 per cent.

The company in an exchange filing said that the latest contract is for the installation and commissioning of a solar power plant.

Gensol Engineering Ltd has won a "bid for the conceptualisation, engineering, provisioning, installation, testing, and commissioning of a state-of-the-art 62 MWAC crystalline solar PV technology grid interactive solar PV power plant ...in Maharashtra," the company said in a stock exchange filing.

The company is a part of the Gensol group of companies which offers engineering, procurement, and construction (EPC) services for the development of solar power plants. Gensol has also established an electric vehicle manufacturing facility in Pune to develop and produce electric three-wheelers and four-wheelers.

Earlier this month, Gensol Engineering issued bonus shares in a ratio of 2:1 to its investors.

Gensol Engineering shares have given a positive return of 16.94 per cent so far this year. Shares of Gensol Engineering have gained over 9.87 per cent in the last two weeks against a 3.65 per cent decline in BSE Sensex.