Gensol Engineering announced that the 12th Annual General Meeting (AGM) of the company will be held on 30 September 2024.Powered by Capital Market - Live

Gensol Engineering announced that Gensol and Matrix Gas & Renewables (Matrix) have won the project to setup India's first Green Hydrogen Valley project in Pune. Gensol ' Matrix will set up Green Hydrogen production plant on Build Own and Operate (BOO) basis to supply Green Hydrogen to Specialty Chemical sector with the firm offtake for 20 years. Commenting on this achievement, Anmol Jaggi, Managing Director, Gensol Engineering, said, 'We feel immense pride to develop India's first Green Hydrogen Valley project. Government of India has taken a great step in promoting these Hydrogen Valleys through Department of Science & Technology (DST). We are going to supply Green Hydrogen to the specialty chemical Sector in Pune, Maharashtra on round the clock (RTC) basis to develop the Green Hydrogen economy in India'. Powered by Capital Market - Live

Gensol Engineering will hold a meeting of the Board of Directors of the Company on 6 September 2024.Powered by Capital Market - Live

Matrix Gas & Renewables is a fast growing green hydrogen infrastructure developer and natural gas aggregator. The aforementioned project, which will be established by Gensol ' Matrix consortium, will convert 25 tons of bio-waste into 1 ton of hydrogen per day. The project valued at Rs 164 crore, scheduled for completion within 18 months, marks a significant milestone on aligning with the National Green Hydrogen Mission for biomass to green hydrogen generation. The company has strategically partnered with Westinghouse, USA who has patented technology and has commissioned multiple plants globally. The scope of work includes developing the establishment of 25 tons per day (TPD) bio-waste processing and producing 1 TPD green hydrogen infrastructure from pre-gasification plasma induced radiant energy-based gasification system (GH2-PREGS) technology. Anmol Singh Jaggi, chairman and managing director, Gensol Engineering, said: 'We are honored to emerge as the lowest bidder for EPC of India's first biomass to green hydrogen project for India's leading power generation company. Gensol and Matrix consortium highlights our unwavering commitment to innovation and excellence within the renewable energy sector, aligning towards India's National Green Hydrogen Mission and proliferating to unlock EPC turnkey solution provider. By converting bio-waste into hydrogen, we are addressing critical environmental challenges and making a significant contribution to the nation's energy transition. We are committed to executing this project with the highest standards of quality and efficiency that defines Gensol.' Gensol Engineering offers end-to-end EPC and solar advisory services. The company is engaged in providing technical due diligence, detailed engineering, quality control, construction supervision, and other consulting services for solar projects across many countries, including India. The company's consolidated net profit doubled to Rs 20.48 crore in the quarter ended June 2024 as against Rs 10.24 crore during the previous quarter ended June 2023. Sales rose 104.11% to Rs 295.15 crore in Q1 FY25 over Q1 FY24. Powered by Capital Market - Live

This bid was secured through a competitive tender by Solar Energy Corporation of India (SECI). Matrix Gas & Renewables is a green hydrogen infrastructure developer and natural gas aggregator. The Gensol-Matrix consortium has secured a cumulative 300 MW capacity, including a prior 63 MW awarded in the first tranche of the SECI tender that equates to Rs 450 crore cumulatively incentive under the PLI scheme. Anmol Jaggi, managing director, Gensol Engineering Ltd., said, 'Winning this PLI capacity under the National Green Hydrogen Mission is a testament to our commitment and technical capabilities. It not only strengthens our position in the green hydrogen sector but also opens up new avenues for growth and collaboration in renewable energy.' Gensol Engineering offers end-to-end EPC and solar advisory services. The company is engaged in providing technical due diligence, detailed engineering, quality control, construction supervision, and other consulting services for solar projects across many countries, including India. The consolidated net profit stood at Rs 19.78 crore in Q4 FY24, steeply higher than Rs 7.38 crore in Q4 FY23. Revenue from operations soared 143.28% to Rs 398.82 crore in Q4 FY24. The scrip rose 0.51% to currently trade at Rs 961.50 on the BSE. Powered by Capital Market - Live

Gensol Engineering in collaboration with Matrix Gas & Renewables, a fastest growing green hydrogen infrastructure developer and natural gas aggregator, announced that it has emerged as a winning bidder for 237 MW annual capacity under Production Linked Incentive (PLI) scheme for setting up electrolyser manufacturing plant. This bid was secured through a competitive tender by Solar Energy Corporation of India (SECI). The Gensol-Matrix consortium has secured a cumulative 300 MW capacity, including a prior 63 MW awarded in the first tranche of the SECI tender that equates to Rs. 450 Crore cumulatively incentive under the PLI scheme. This Production Linked Incentive (PLI), issued by the Ministry of New and Renewable Energy (MNRE) under the National Green Hydrogen Mission, marks a significant milestone in India's renewable energy landscape. Electrolyser is the key component for production of Green Hydrogen and its derivatives. This project will play a pivotal role in achieving India's goal of producing 5 million metric tons of green hydrogen annually by 2030.Powered by Capital Market - Live

Net profit of Gensol Engineering rose 100.00% to Rs 20.48 crore in the quarter ended June 2024 as against Rs 10.24 crore during the previous quarter ended June 2023. Sales rose 104.11% to Rs 295.15 crore in the quarter ended June 2024 as against Rs 144.60 crore during the previous quarter ended June 2023. ParticularsQuarter EndedJun. 2024Jun. 2023% Var. Sales295.15144.60 104 OPM %29.7125.32 - PBDT53.2627.14 96 PBT26.9314.45 86 NP20.4810.24 100 Powered by Capital Market - Live

Gensol Engineering will hold a meeting of the Board of Directors of the Company on 12 August 2024.Powered by Capital Market - Live

Gensol Engineering has received Notification of Award for the Engineering, Design, Procurement, Erection, Testing & Commissioning for Rs 463 crore Solar plant at Khavda RE Power Park, Rann of Kutch, Gujarat. The project will be state of the art with fixed tilt module mounting structure along with remaining balance of system.Powered by Capital Market - Live

The domestic equity benchmarks traded with significant losses in the afternoon trade after the Budget for 2024-25 was laid down in the Parliament by the Finance Minister. The Nifty traded near the 21,300 mark after hitting the day's high of 24,582.55 in early trade. Metal, oil Rs 3 lakh to Rs 7 lakh will be taxed at 5%; Rs 7 lakh to Rs 10 lakh will be taxed at 10%; Rs 10 lakh to Rs 12 lakh will be taxed at 15%; Rs 12 lakh to Rs 15 lakh will be taxed at 20%; and income above Rs 15 lakh will be taxed at 30%. The Securities Transaction Tax (STT) on futures and options (F&Os) is proposed to be increased to 0.02% and 0.01%, respectively. Additionally, the Finance Minister states that long-term capital gains on all financial and non-financial assets will be taxed at a rate of 12.5%. The limit of exemption for capital gains will be set at Rs 1.25 lakh per year. Listed financial assets held for more than a year will be classified as long term. The FM states that the union government will target a fiscal deficit of 4.9% of the gross domestic product (GDP) for FY25, compared to the 5.1% target set in the interim budget. Gross borrowing is targeted at Rs 14.01 lakh crore, with market borrowing at Rs 11.06 lakh crore. The fiscal deficit target for FY26 is set at 4.5% of GDP. Sitharaman notes that the government will maintain strong fiscal support for infrastructure, allocating Rs 11.11 lakh crore for capital expenditure, amounting to 3.4% of India's GDP. The government also allocates Rs 1.52 lakh crore for agriculture and allied sectors. The Finance Minister emphasizes expanding the space economy by five times over the next 10 years, supported by a venture capital fund of Rs 1,000 crore. GST has significantly reduced tax incidents for the common man and eased compliance for industry. To enhance the benefits of GST, the government will strive to rationalize the tax structure. The Finance Minister adds that rules and recognition for Foreign Direct Investments (FDIs) will be simplified to facilitate their inflow, aiming to promote the use of the Rupee for overseas investments. Sitharaman also proposes supporting the development of corridors at Vishnupad Temple and Mahabodhi Temple, following the model of the Kashi Vishwanath Temple, and backing the development of Nalanda in Bihar as a tourist center. An economic policy framework will be introduced to usher in next-generation reforms aimed at boosting economic growth. Additionally, the government will provide assistance to Odisha for the development of tourism. Gainers & Losers: Titan Company (up 6.07%), ITC (up 4.52%), Tata Consumer Products (up 3.37%), Hindustan Unilever (up 1.91%) and Britannia Industries (up 1.74%) were major Nifty gainers. Oil & Natural Gas Corporation (down 3.80%), Larsen & Toubro (down 3.51%), Shriram Finance (down 3.25%), Hindalco Industries (down 3.17%) and Bajaj Finance (down 3.04%) were major Nifty losers. Stocks in Spotlight: Gensol Engineering was locked in 5% upper circuit after the company announced that it has emerged as winning bidder for 116 MW (150 MWp) of solar projects in Gujarat with approx. EPC revenue of Rs 600 crore. Coforge rose 1.59%. The IT company's consolidated net profit fell 40.45% to Rs 133.2 crore in Q1 FY25 as compared to Rs 223.7 crore in Q4 FY24. However, Revenue from operations increased 1.79% to Rs 2,400.8 crore in Q1 FY25 as compared to Rs 2,358.5 crore reported in the preceding quarter same year. Mangalore Refinery & Petrochemicals (MRPL) slipped 4.47% after it reported 93.53% drop in standalone net profit to Rs 65.57 crore in Q1 FY25 from Rs 1,012.74 crore recorded in Q1 FY24. Revenue from operations (excluding excise duty) rose 10.4% to Rs 23,247.02 crore in June 2024 quarter as compared to Rs 21,057.6 crore recorded in corresponding quarter previous year. GE Power India declined 2.03%. The company said that it has received supply order from NTPC GE Power Services (NGSL), with a contract value of Rs 348 crore. Zydus Lifesciences shed 0.59%. The company announced that it has received final approval from the United States Food and Drug Administration (USFDA) to market Valsartan tablets. Global Markets: Most European stocks declined while Asian stocks traded mixed on Tuesday. On Tuesday, Wall Street rally fueled by strong earnings reports from major tech companies. Taiwan's market, led by semiconductor stocks, snapped a five-day losing streak. This surge follows gains on Monday in the US, where the S&P 500 rose over 1% and the tech-heavy Nasdaq jumped 1.6%. Both indexes were recovering from their worst weekly performance since April. Investors seemed unfazed by the news of President Biden exiting the presidential race, instead focusing on upcoming earnings reports from tech giants Tesla and Alphabet. Both companies' stocks saw significant gains on Monday. Powered by Capital Market - Live