Order News: This company got an order from Dubai, stock saw a rise

Order News: Gensol Engineering has received an order for a 23 megawatt peak (MWp) rooftop solar project in Dubai. Due to this, the company's shares have registered a rise of more than 3% on Monday. According to the stock exchange filing, the company has got this contract from UAE-based Declean Energy Development Company.

Under the deal, Gensol Engineering will provide services such as design, construction and long-term operation and maintenance of rooftop solar photovoltaic (PV) systems for an aviation company's engineering facilities in Dubai. Shares of Gensol Engineering, which opened at Rs 839.95 per share on the BSE, rose over 3.2% to hit a high of Rs 853.20 following the announcement. The rooftop solar project is worth AED 81.6 million (Rs 186 crore) plus taxes, with a total installed capacity of 23,178 kWp (23 MWp)

over 20 months
. The project is scheduled to be completed in over 20 months. Gensol Engineering said the rooftop solar systems aim to provide customers with a sustainable energy solution designed to reduce the carbon footprint of one of Dubai's most important industrial facilities. What are the works? Earlier on October 8, Gensol Engineering had told the exchanges that its order book for solar engineering, procurement and construction (EPC) services stood at Rs 4,097 crore. This includes projects with a cumulative output of 1.5 GW by September 30, 2024. The data includes solar projects from both public sector companies (PSUs) and private clients, which will be executed within a timeline of 12 to 18 months. Shares of Gensol Engineering have declined 0.8% on the BSE in a year. The stock has declined nearly 5% year-to-date (YTD). Meanwhile, the stock has lost more than 17% in value in six months. While the stock has declined more than 11% in a month. Apart from this, the stock has seen a decline of more than 1% in five days. Gensol Engineering was trading 2.67% higher at Rs 848.70 per share at 9.40 am on Monday (October 14, 2024).

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