Surging for the fourth straight season, shares of Genus Power Infrastructures jumped 20 per cent in Wednesday’s trade. With this, the smallcap company has posted about 46 per cent surge in 4 days and 66 per cent rise in the past one month.
As on 12:52 pm, Jaipur-based Genus Power Infra’s shares were up by 19.04 per cent or Rs 26.80 to trade at Rs 167.90 apiece on the BSE. The stock hit the 20 per cent upper circut at 9:46 am and continued so till 10:20 am before coming down a bit. It is currently trading about 19 per cent higher.
During the day, it touched a high of Rs 168.90 apiece on the BSE after opening at Rs 154 per share. In terms of volume, the company’s 12,49,477 shares were traded.
A month ago, on June 5, 2023, Genus Power’s shares had stood at Rs 98.26 apiece on the BSE.
Genus Power Infrastructures’ Share Surge
The company’s shares have surged about 30 per cent in the past two trading sessions. It happened after the company announced the signing of definitive agreements with Gem View Investment, an affiliate of GIC, Singapore, to set up a platform for undertaking advanced metering infrastructure service provider concessions.
According to a BSE filing, GIC will hold a 74 per cent stake while Genus will hold a 26 per cent stake in the platform. The companies have also committed an initial pipeline with a capital outlay of $2 billion. Genus will be the exclusive supplier to the platform for smart meters and associated services.
Apart from this, Genus Power has also received a letter of award (LOA) of Rs 2,207.53 crore for appointment of Advanced Metering Infrastructure Service Provider (AMISP) including design of AMI system with supply, installation and commissioning of 27.69 Lakhs Smart Prepaid Meters, Feeder Meter, DT Meter level energy accounting and FMS of these 27.69 lakh smart meters.
Genus Power’s Fundamentals
Genus Power’s market cap currently stands at Rs 3,630 crore. The company’s P/E ratio or price-to-equity ratio, which indicates how costly the share is, is at 113.63, as compared with the industry P/E of 23.82. The company’s debt-to-equity ratio is 0.35.
Genus Power Infra posted a loss of Rs 11 crore in the March 2023 quarter. However, it posted a profit of Rs 29 crore for the full financial year 2022-23.
Sensex, Nifty On Wednesday
The benchmark indices were flat in Wednesday’s trade tracking weakness elsewhere in Asia following a sharp drop in China’s services PMI reading for June. The BSE Sensex fell 21 points to 65,458, and the NSE Nifty50 was unchanged at 19,385.
HDFC and HDFC Bank led losses on the Sensex, shlipping 2 per cent each. Wipro, NTPC, Eicher Motors were the other frontline losers. On the flip side, IndusInd Bank, Asian Paints, Divi’s Lab, ICICI Bank, HCL Tech, Infosys, Tech M, and HDFC Life were top gainers across the two key benchmarks.
The broader markets though were higher and outperformed benchmarks. The BSE MidCap and SmallCap indices rose up to 0.4 per cent.
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