Stock market today: Gensol Engineering share price rebounds after retracing from 52-week high. Buy or sell?
Indian stock market today: Despite weak trends in the Indian stock market today, Gensol Engineering share price has managed to find buyers' interest in the early morning session on Monday. Gensol Engineering share price today opened higher at ₹1,247.60 apiece on NSE and went on to touch an intraday high of ₹1264 per share level, logging an intraday rise of around 4 percent within few minutes of the opening bell.
Gensol Engineering share has delivered over 40 percent return to its investors in one month and touched a 52-week high of ₹1,377.10 apiece on BSE on Tuesday last week. However, the energy stock came under profit-booking pressure and remained under the consolidation phase after climbing to the new 52-week peak.
According to stock market experts, Gensol Engineering share price today is rising because the energy stock has received two new solar projects in Rajasthan worth ₹337.70 crore. They said that the company has won this project after winning a PLI bid for the Hydrogen Electrolyser Manufacturing Plant in the first fortnight of this month.
On reasons that have fueled Gensol Engineering share price in recent sessions, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Gensol Engineering share price today is looking positive as the stock has attracted bulls' attention after the latest exchange filing in which it has claimed winning ₹377.70 crore solar projects in Rajasthan. This second big fundamental development for the company after winning a PLI bid For Hydrogen Electrolyser Manufacturing Plant under the Sustainable Hydrogen Innovation & Green Hydrogen Technologies (SIGHT) program." Expecting more upside in Gensol Engineering share price, Sumeet Bagadia, Executive Director at Choice Broking
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