2:1 Bonus Share: Multibagger Engineering Stock Falls 6.71% After Recommending Bonus Issue

Small cap stock from the Engineering sector, Gensol Engineering Ltd witnessed a decline of 6.71% after its board of directors on September 5 considered and approved bonus issue in the ratio of 2:1. The stock was priced Rs 2020.65 per share on September 5 and today the current market price of Gensol Engineering share is Rs 1885.00 per share on BSE. However, Gensol Engineering shares rallied 96.8% in last 3-months and 28960.90% in last 2-years. Check details below:

Board Of Gensol Engineering Recommended Bonus Issue On Sept 5: According to the BSE filing of Gensol Engineering dated September 5, 2023, "The Board of Directors of the Company considered, approved and recommended bonus issue of 2 (Two) equity share for every 1 recommended bonus issue of 2 (Two) equity share for every 1 on the record date (to be determined by the Board of Directors). The bonus issue of equity shares will be subject to approval of the Members through General Meeting and any other applicable statutory and regulatory approvals, as may be required."

Gensol Engineering Stock Outlook & Return: Current market price of Gensol Engineering stock is Rs 1885.00 per share with intraday gain of 0.50%. The stock's 52-week high price is Rs 2119.45 per share and 52-week low price is Rs 797.05 per share, respectively. It has a market capitalisation of Rs 2303.27 crore. Gensol Engineering shares offered 126% return in last 6-months, gained 86% YTD, soared 23% in last 1-year, and surged 3054% in last 3-years.

Earlier on September 15, 2023 Gensol Engineering said it has successfully acquired a substantial 54.38% stake in Scorpius Trackers Private Ltd, totaling Rs 135 crore. In the exchange filing, Gensol stated, "We wish to inform you that Gensol Engineering Limited ("the Company") has, on September 13, 2023, acquired 58,779 equity shares of Scorpius Trackers Private Limited ("Scorpius") constituting 54.38% of shares capital and voting rights in Scorpius. By virtue of this Scorpius is now a subsidiary company of the Company."

Gensol Engineering Financials: The company on August 14, 2023 announced its net profit at Rs 10.2 crore for the quarter ended June 30, 2023. It declared Rs 10 crore net profit in the preceding fiscal, said company in its BSE filing. Gensol Engineering announced a rise in its revenues to Rs 151.7 crore in the first quarter of the current fiscal from Rs 102.9 crore in the last fiscal. Its Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) announced at Rs 43.7 crore, up from Rs 15.7 crore.

Disclaimer

The stock just highlights the bonus issue and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.