Gensol Engineering secures an order for over 500 Tata Ace electric cargo vehicles!

28 September 2023
2 mins read
by Angel One
Shares of the company have generated an impressive return of 63% in the last three months.
Gensol Engineering secures an order for over 500 Tata Ace electric cargo vehicles!

Gensol Engineering Limited, a part of the Gensol group specializing in solar power plant EPC services has made a significant announcement regarding a new order received by the company.

As detailed in the official report, Gensol EV Lease Private Limited, a subsidiary of Gensol Engineering, a company specializing in electric vehicle leasing solutions, has achieved a significant milestone by securing an order for over 500 Tata Ace Cargo EVs.

This substantial order, worth Rs 75 crore, is received from an all-electric logistics company.

As per the company, the initial batch of more than 20 EVs has already been leased, and the remaining vehicles will be deployed within the next six months across five Indian states: Maharashtra, Karnataka, West Bengal, Tamil Nadu, and Telangana.

In addition to this, the company is collaborating with customers in the PSU, last-mile delivery, and employee transportation business with a leasing requirement of over 100 electric vehicles as stated in the press release.

These orders represent a significant stride in promoting sustainable mobility through creative EV leasing solutions. Gensol EV Lease is resolutely positioning itself as a crucial contributor in the EV leasing industry, addressing the growing demand for electric vehicles in the forthcoming years.

Share Performance: 

The company’s shares began trading at Rs 2,005.95, reached an intraday high price of Rs 2,086, and finally concluded the day at Rs 2,006 per share on the BSE, representing a 0.74% increase from the previous day’s closing price of Rs 1,991.50 per share.

The current market capitalization of the company stands at Rs 2,451 crore, and the returns generated by the company’s stock will undoubtedly astonish investors, amounting to 3,285% over the last three years.

Business Overview: 

Gensol Engineering Limited, with over 240 employees managing international turnkey projects totalling 590 MW.

The company has expanded into electric vehicle manufacturing in Pune, India, focusing on passenger, fleet, and cargo solutions. Committed to sustainability and innovation, they’re also providing EV leasing and fleet management solutions, catering to PSU, last-mile delivery, and employee transportation sectors.

Considering this substantial order, not only will its subsidiary, Gensol EV Lease, benefit, but also the parent company, Gensol Engineering. Investors should keep this stock on their radar.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.