Genus Power shares hit 52-week high after company wins Rs 2,210-crore order

Shares of Genus Power Infrastructure were trading 3.52 per cent higher at Rs 188.00 on the BSE today (August 8) at 11:45 after the company bagged an order worth Rs 2,209.84 crore.

The company is on a high after its wholly owned subsidiary received a letter of award (LOA) of Rs. 2,209.84 crore (net of tax) for the appointment of Advanced Metering Infrastructure Service Provider (AMISP), including the design of the AMI system with the supply, installation, and commissioning of 21.77 lakh Smart Prepaid Meters, on DBFOOT (Design, Build, Finance, Own, Operate, Transfer) basis under Revamped Distribution Sector Scheme (RDSS), Genus Power said in its BSE filing on Tuesday.

In its filing on the BSE, the company said that post order inflows, its total order book stood at in excess of Rs. 8,200 crore (net of tax).

The company is expecting a robust surge in its order volumes during the upcoming fiscal after many state electricity boards have initiated the process of inviting bids for the deployment of smart meters.

The company also informed that its Q1 results will be announced after its board meeting on Friday, August 11, 2023 at 01:00 PM (India Time).

Other orders

The company recently also announced the signing of definitive agreements with Gem View Investment Pte Ltd, an affiliate of GIC, Singapore. GIC-affiliated Chiswick Investment Pte Ltd is set to invest up to Rs 519 crore through preferential allotment of warrants.

The company said that that warrants would be issued at Rs 112.88 (20% discount to CMP). GIC will hold 74 per cent stake, while Genus will hold 26 per cent stake in the platform.