Genus Power Infrastructures Ltd’s Subsidiary Secures Rs 2,247.37 Crore Order for Smart Meters, Shares Surge
Introduction:
Genus Power Infrastructures Ltd witnessed a five percent surge in its shares following the announcement of its subsidiary securing a substantial new order worth Rs 2,247.37 crore for the deployment of smart meters. This development highlights the company’s growing presence in the Advanced Metering Infrastructure (AMI) sector.
Key Highlights:
- Significant Order Achievement: Genus Power Infrastructures Ltd’s subsidiary has been awarded a major order worth Rs 2,247.37 crore for the deployment of smart meters. This achievement demonstrates the company’s strong position in the market.
- Market Reaction: The small-cap stock experienced a five percent upper circuit, reaching Rs 271.6 on the BSE. This surge in share prices reflects investor optimism regarding the company’s growth prospects.
- Approaching 52-Week High: Following the recent gains, Genus Power’s shares are inching closer to their 52-week high of Rs 277 on the BSE, indicating positive market sentiment towards the company.
- Market Capitalization: Genus Power’s market capitalization has now reached nearly Rs 7,000 crore, underscoring its significance in the industry.
- Scope of the Order: The awarded order includes the design and deployment of the Advanced Metering Infrastructure (AMI) system, encompassing the supply, installation, and commissioning of 24.18 lakh smart prepaid meters and system meters.
- Future Growth Prospects: Genus Power anticipates a substantial increase in order volumes in the upcoming quarters of fiscal year 2024, as several State Electricity Boards (SEBs) have initiated the bidding process for smart meter procurement.
- Management Statement: Jitendra Kumar Agarwal, Joint Managing Director of Genus Power Infrastructures, expressed delight in securing another major order for smart meters, marking the third such order in the last two months.
- Strong Order Book: With this latest order, Genus Power’s total order book now stands at approximately Rs 11,000 crore, indicating a robust pipeline of projects.
- Previous Order: In the preceding month, Genus Power’s wholly-owned subsidiary secured an order worth Rs 2,209.84 crore for smart meter deployment, further strengthening its position in the AMI sector.
Conclusion:
Genus Power Infrastructures Ltd’s recent achievement of a substantial Rs 2,247.37 crore order for smart meters, coupled with its strong market performance, highlights its promising future in the Advanced Metering Infrastructure (AMI) sector. With a growing order book and positive market sentiment, the company is well-positioned for continued success in the coming quarters.
FAQs :
Q1: What is Genus Power Infrastructures Ltd? A1: Genus Power Infrastructures Ltd is a company engaged in the business of manufacturing electric meters and providing advanced metering infrastructure solutions.
Q2: What is the recent news about Genus Power’s subsidiary? A2: Genus Power’s subsidiary secured a new order worth Rs 2,247.37 crore for deploying smart meters, leading to a surge in the company’s shares.
Q3: How did the market react to this news? A3: The market responded positively, with Genus Power’s shares experiencing a five percent increase, reaching Rs 271.6 on the BSE.
Q4: What is the significance of Genus Power’s shares nearing their 52-week high? A4: This indicates strong market sentiment and suggests that investors are optimistic about the company’s future performance.
Q5: What is the scope of the recently awarded order? A5: The order includes the design, supply, installation, and commissioning of 24.18 lakh smart prepaid meters and system meters as part of the Advanced Metering Infrastructure (AMI) system.
Q6: Are there expectations of future growth for Genus Power? A6: Yes, Genus Power expects order volumes to continue growing in the upcoming quarters, as several State Electricity Boards (SEBs) are in the process of procuring smart meters.
Q7: What is the total order book of Genus Power now? A7: With the latest order, Genus Power’s total order book stands at around Rs 11,000 crore, indicating a strong pipeline of projects.
Q8: Has Genus Power received similar orders in the past? A8: Yes, this is the third major order for smart meters that Genus Power has secured in the last two months, highlighting its success in this sector.
Q9: Was there a previous order mentioned in the article? A9: Yes, in the previous month, Genus Power’s subsidiary secured an order worth Rs 2,209.84 crore for deploying smart meters, further strengthening its position in the Advanced Metering Infrastructure (AMI) sector.