Breaking News
1. 36 per cent Rajya Sabha candidates declared criminal cases against themselves: ADR      2. Political parties have a right to make promises in their election manifesto: CEC Rajiv Kumar in Chennai      3. Voters have right to know about fulfillment of assurances by parties; matter sub judice: CEC      4. EC has prepared proforma making parties to make disclosure on promises, matter sub judice: CEC      5. Majority of political parties in Tamil Nadu have sought single phase polls: CEC      6. Enforcement agencies directed to stay vigilant, prevent cash, freebies distribution: CEC      7. Kasganj accident, Uttar Pradesh: An ex-gratia of Rs. 2 lakh from PMNRF would be given to the next of kin of each deceased in the mishap in Kasganj. The injured would be given Rs 50,000, said PMO      8. Haryana Police fire tear gas shells at protesting farmers in Haryana's Hisar      9. 19-year-old train attendant arrested for allegedly molesting college student      10. Amit Shah speaks at inauguration of 'World's largest food storage scheme in the cooperative sector and computerization of PACS'      11. PM Modi addresses e-PACS event in Delhi      12. Naxalite killed in encounter with police in Chhattisgarh's Sukma      13. ED summons former Uttarakhand minister Harak Singh Rawat      14. Man stabbed to death while resisting robbers in east Delhi      15. Lok Sabha News LIVE: AAP-Cong alliance in different states likely to be officially announced today      16. Ashwini Vaishnaw: Had the Uddhav Thackeray given clearances for Bullet Train project in Maharashtra, it would have progressed well.      17. Four Byju's investors file oppression, mismanagement suit in NCLT, seeks declaring founder Byju Raveendran unfit to run firm.      18. PM Modi Narendra Modi inaugurates Banas Kashi Sankul milk processing unit and several other development projects in Varanasi, UP.      19. PM Modi attacks Congress MP Rahul Gandhi, says, Congress' Yuvraj says that youth of Kashi & UP are 'nashedi'      20. Union Finance Minister Nirmala Sitharaman says, Centre has formed a 3-member committee of Ministers and is negotiating with farmers     

Genus Power subsidiary wins order worth ₹2,260 crore for smart prepaid meters; Stock triples in October 2023

  • Posted on November 8, 2023
  • Business
  • By Top Stories
  • 794 Views

Genus Power's subsidiary has achieved a significant milestone by securing an order worth ₹2,260 crore for the supply and installation of advanced smart prepaid meters. The subsidiary, a wholly-owned entity of Genus Power Infra, announced this achievement on Wednesday. The contract pertains to the provision of Advanced Metering Infrastructure Service Providers (AMISPs).

Genus Power subsidiary wins order worth ₹2,260 crore for smart prepaid meters; Stock triples in October 2023 Image Source -www.sharemarketexpress.com

Genus Power's subsidiary has achieved a significant milestone by securing an order worth ₹2,260 crore for the supply and installation of advanced smart prepaid meters. The subsidiary, a wholly-owned entity of Genus Power Infra, announced this achievement on Wednesday. The contract pertains to the provision of Advanced Metering Infrastructure Service Providers (AMISPs).

Under this substantial order, the subsidiary will be responsible for designing an Advanced Metering Infrastructure (AMI) system, including the supply, installation, commissioning, and implementation of a Facility Management System (FMS). The project involves the deployment of 27.33 lakh smart prepaid meters and system meters.

Over the past few months, Genus Power has been on a winning streak, securing six major contracts valued at over ₹15,160 crore for the installation of approximately 172 lakh smart prepaid meters. With this latest addition, the company's order book has now swelled to a staggering ₹19,000 crore.

Jitendra Kumar Agarwal, the Joint Managing Director of the company, expressed his optimism about the future, stating, "This gives visibility into our robust future revenue growth." The company's prospects appear promising as various state electricity boards initiate bidding processes to procure smart meters as part of the "Reforms-based, Result-linked Power Distribution Sector Scheme." Genus Power anticipates further increases in order volumes for the remainder of the financial year.

Highlighting a recent accomplishment, Genus Power's subsidiary clinched an order worth ₹3,121.42 crore on October 23. Notably, the company's shares saw a remarkable 100% surge in just three months after securing orders exceeding ₹10,000 crore, as reported by CNBC-TV18 on October 10.

Also Read: Stubble Burning Issue: Haryana CM Urges Kejriwal And Mann To Collaborate

Genus Power occupies a prominent position in India's electricity metering solutions market, boasting a market share of nearly 27%. It operates manufacturing facilities in Jaipur, Haridwar, and Guwahati, with a combined capacity of over 10 million meters.

On the stock market, Genus Power's shares demonstrated their strength by registering a 3% increase on Wednesday, closing at ₹259.05. The stock has been a standout performer in 2023, tripling in value and recording an impressive gain of 205%. This year marks the stock's most remarkable annual performance since 2007 when it surged by 255%.

Author
No Image
Author
Top Stories

You May Also Like