Multibagger smallcap stock hits 5% upper circuit on Rs 2,247 crore order win
Genus Power Infrastructure hit 5% upper circuit at Rs 271.6 in Friday's trade after its step-down wholly owned subsidiary bagged a Rs 2,247.37 crore smart meter order.
The order includes designing an advanced metering infrastructure (AMI) system with supply, installation and commissioning with FMS of 24.18 lakh smart prepaid meters, system meters including OT meters with corresponding energy accounting under DBFOOT model (HYBRID Model, CAPEX Plus OPEX), the company said in an exchange filing.
«We foresee the robust surge in order volumes to continue in the upcoming quarters of fiscal year 2024,» the company said.
Jitendra Kumar Agarwal, Joint Managing Director of Genus Power Infrastructures said, “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 organization, 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,» Jitendra added.
The stock delivered multibagger returns to its investors, as in the last three months the stock surged nearly 200%, while it has rallied over 330% in the last two years. It has also rallied over 975% in the last three years.
As per Trendlyne data, the average target price of the stock is Rs 250, which shows a downside of 8% from the current market prices.
The consensus recommendation from one analyst for the stock is a 'Strong Buy'.
Technically, the day RSI (14) is at 71.4. The RSI below 30 is considered oversold and above 70 is
