Genus Power share price locked in 5% upper circuit; here's why

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₹2,247.37 crore for the supply of smart meters. Genus Power share price opened at ₹271.60 apiece on BSE.

In its exchange filing, the company stated that its step-down arm has been issued a letter of award for Rs 2,247.37 crore for the appointment of Advanced Metering Infrastructure Service Providers (AMISPs), which includes design of the Advance Metering Infrastructure (AMI) system with supply, installation, and commissioning with FMS of 24.18 Lakh Smart Prepaid Metres, system metres, including OT Metres, and corresponding energy accounting under the DBFOOT model. Due to the positive results of the "Reforms-Based, Result-Linked Power Distribution Sector Scheme," numerous State Electricity Boards (SEBs) have started the bidding process to purchase smart metres, the company said in an exchange filing.

Also Read: Shankar Sharma portfolio stock Brightcom Group hits lower circuit on 8th consecutive day As previously stated, the company anticipates that the significant increase in order quantities will persist during the remaining quarters of fiscal year 2024. Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures Ltd commented, “We are delighted to announce the win of yet another major order for smart meters.

This is the third such order in the last two months, and it is a testament to the trust that our customers have in our capabilities. Our total order book now stands at around Rs.

11,000 crore (net of taxes) – which signifies a landmark for our organisation, instilling us with a resolute belief that it will act as a driving force for exponential growth in our business operations within the Indian market. It further strengthens our position as the leading smart metering solutions provider in India."