Genus Power Infra hits 52-week high on securing new order worth Rs 2,209.84 crore

8 Aug 2023 , 10:51 AM

Genus Power Infrastructures Limited’s stock jumped to touch a new 52-week high of Rs 196 in today’s trade after the company announced securing new order via its wholly-owned subsidiary.

At around 10.38 AM, Genus Power was trading 4.24% higher at Rs 189.30, against the previous close of Rs 181.60 on NSE.

Genus Power said that its wholly-owned subsidiary bagged a letter of award (LOA) of Rs 2,209.84 crore (net of tax) for the appointment of Advanced Metering Infrastructure Service Provider (AMISP) including the design of an AMI system with supply, installation, and commissioning of 21.77 Lakhs Smart Prepaid Meters, on DBFOOT (Design, Build, Finance, Own, Operate, Transfer) basis under Revamped Distribution Sector Scheme (RDSS).

Following the receipt of this order, the company’s total order book stands at Rs 8,200 crore (net of taxes).

Many State Electricity Boards (SEBs) have begun the process of requesting bids for the deployment of smart meters, demonstrating the positive impact of the ‘Reforms-Based, Result-Linked Power Distribution Sector Scheme’. Based on our study, the company expects a significant increase in order volumes in the coming quarters of fiscal year 2024, said the company on Tuesday.

Genus Power Infrastructures Ltd., founded in 1995, is one of the leading participants in India’s energy metering solutions business, accounting for 27% of the market share. The company is a market leader in various types of meters and has developed smart metering solutions with its own R&D center.

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