Multibagger smallcap stock hit 5% upper circuit on Rs 3,115 crore order win
Genus Power Infrastructures hit a 5% upper circuit at Rs 273.8 in Tuesday's trade on BSE after the firm bagged an order worth Rs 3,115.01 crore for smart prepaid meters.
In an exchange filing, Genus Power stated that its wholly-owned subsidiary had received two letters of awards totalling Rs 3,115.01 crore for the appointment of Advanced Metering Infrastructure Service Providers (AMISPs), including the design of an AMI system and the supply, installation, and commissioning of 34.79 lakh smart prepaid meters, system meters, including DT meters, and associated energy accounting on a DBFOOT basis.
The bidding procedure for smart meters has already started in many State Electricity Boards (SEBs), demonstrating the benefits of the 'Reforms-Based, Result-Linked Power Distribution Sector Scheme.'
«Our total order book now stands at over Rs 14,000 crore – which gives visibility into robust future revenue growth. We have a strong track record of delivering metering projects on time and within budget.
We also have a wide network of partners and suppliers, which allows us to provide end-to-end solutions to our customers,» said Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures.
On a year-to-date basis, Genus Power delivered multibagger returns of 220%.
Meanwhile, it has also surged over 240% in the past one year and about 830% in the last three years.
As per Trendlyne data, the average target price of the stock is Rs 250, which shows a downside of 9% from the current market prices. The consensus recommendation from one analyst for the stock is a 'Strong Buy'.
Technically, the stock's day RSI (14) is at 54.5.
