Genus Power stock freezes at 20% upper circuit, skyrockets by 46% in 4 days after big deal win, management commentary
Genus Power Infrastructures Ltd (Genus Power) experienced a significant surge on Wednesday's trading session. The small-cap stock has hit a 20% upper circuit on BSE.
It needs to be noted that this would also be its fourth consecutive day gains which can be attributed to the signing of definitive agreements with Gem View Investment, an affiliate of Singapore's GIC. On BSE, the stock price froze at the 20% upper circuit of ₹168.90 on 5th july 2023 – which is also its fresh 52-week high.
Over the course of the four sessions, the stock has increased by 46.37% on the exchange. The company launched a new platform by which it hopes to win orders for 30 million meters over 3-5 years. The purpose of these agreements is to establish a platform for the provision of advanced metering infrastructure services.
According to a filing with the Bombay Stock Exchange (BSE), GIC will hold a majority stake of 74%, while Genus will hold a minority stake of 26% in the platform. The two partners have committed an initial capital outlay of $2 billion and Genus will serve as the exclusive supplier of smart meters and related services for the platform. Furthermore, Genus Power recently received a letter of award worth ₹2,207.53 crore for the appointment of an Advanced Metering Infrastructure Service Provider (AMISP), which includes the design, supply, installation, and commissioning of 27.69 lakh smart prepaid meters, feeder meters, DT meter-level energy accounting, and facility management services for these smart meters.
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