Shares of Gensol Engineering remained in base-building mode after the issuance of bonus shares in a 2:1 ratio. However, the engineering stock is signaling to come out of the consolidation phase after hitting its 52-week low of ₹708.90 apiece level. After hitting the 52-week low on 11th December 2023, Gensol Engineering share price has risen to ₹847 apiece on NSE, logging around 20 per cent in the last one month’s time.
However, there is a piece of stock market news for bottom fishers as the engineering company has inked an MoU with the Government of Gujarat. The MoU is for investing ₹2,000 crore in state-of-the-art Electric Vehicle (EV) manufacturing for Gensol EV.
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Gensol Engineering latest news
Gensol Engineering Ltd informed Indian stock market exchanges about the development saying, “Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), we would like to inform you that the Company has executed Memorandum of Understanding with the State Government of Gujarat for an investment of INR 2,000 Crore for Electric Vehicle Manufacturing. It will generate around 1,500 jobs in the region.”
The MoU is part of the investment promotion activity for Vibrant Gujarat Global Summit 2024.
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Key highlights of the MoU
1] A powerhouse partnership: The Government of Gujarat and Gensol Engineering Ltd. join forces to electrify India’s future;
2] ₹2,000 crore investment: Fueling innovation and driving economic growth through a state-of-the-art EV manufacturing plant;
3] 1,500 green jobs: Empowering individuals and propelling Gujarat’s EV ecosystem;
4] Diverse EV portfolio: From passenger cars to commercial vehicles, catering to every aspect of sustainable mobility; and
5] Aligned with India’s green vision: Propelling India’s journey towards a cleaner and greener future, in line with the net zero commitment by the year 2070.
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Commenting on the signing of the MoU, Anmol Singh Jaggi, Co-founder at Gensol Group said, “We extend our sincere gratitude to the Government of Gujarat for their invaluable collaboration and support. Our profound thanks for fostering an environment that aligns with our vision for revolutionizing the ever-growing EV landscape. The INR 2,000 Crore investment stands as a testament to our confidence in the state’s commitment to sustainable growth and green manufacturing. We look forward to a mutually beneficial partnership that propels Gujarat to new heights in the EV revolution.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decision.
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Published: 09 Jan 2024, 03:06 PM IST