This power stock hits 5% upper circuit after securing orders worth ₹3,608 crore; shares are up 88% this year

In a stock exchange notification on Tuesday, Genus Power Infrastructures said that its wholly owned subsidiary has received three Letter of Awards (LOA) worth ₹3,608.52 crore (net of taxes).

The LoAs are for “appointment of advanced metering infrastructure service providers (AMISPs), including design of advance metering infrastructure (AMI) system with supply, installation and commissioning with FMS (flow metering skid) of about 4.26 million smart prepaid meters, system meters including DT (distribution transformer) meters with corresponding energy accounting on DBFOOT (design-build finance-own-operate-transfer) basis”, the press release said.

Genus Power Infrastructures’ joint managing director Jitendra Kumar Agarwal said: “With these recent orders, our total order book, including all SPVs (special purpose vehicles) and the GIC Platform, stands at about ₹28,000 crore (net of taxes). These concessions are for 8 to 10 years, providing clear visibility into the company's robust future growth.”

After the announcement, the Genus Power stock was locked in the 5% upper circuit at ₹437.75, its highest level ever. The share price has doubled in the past year, with 25% of gains coming in the past month. The stock is up over 88% so far this year.

Started in 1995, Genus Power Infrastructures Ltd is a market leader in various kinds of meters and has developed ‘smart metering solutions’, with an in-house R&D centre. Its key customers include the major state electricity boards and private utilities.