Gensol Engineering Ltd steps up its commitment into Electric Vehicles segment

Gensol Engineering Limited has till date, leased out a total of 181 EV Cars to reputed ride-hailing company operating its business in Gurugram, NCR and New Delhi regions. The company plans to add another 67 new EV Cars by the end of December 2021, while massive plans have been firmed up to add another 3000 EV cars to this fleet by the end of 2022.

India's unflagging commitment to walk down the path of carbon neutrality has been the pivot for Gensol's pursuit of renewable energy businesses. Keeping in mind that our national emissions are largely dominated by emissions from electricity production (56%) and transportation (13%), renewable source deployment and vehicle electrification are two sides of the same coin. It, therefore, makes eminent sense to advance businesses that help rapid transition towards a lowcarbon economy.

Gensol is, therefore, inclined to believe that increased adoption of the two businesses vertical should go hand-in-hand, thus, complimenting each other. Gensol's revenues stemming from EV business are expected to swell to more than Rs. 50 crores in FY 23.

Shares of Gensol Engineering Ltd was last trading in BSE at Rs. 59.00 as compared to the previous close of Rs. 59.00. The total number of shares traded during the day was 6384 in over 3 trades.

The stock hit an intraday high of Rs. 59.00 and intraday low of 59.00. The net turnover during the day was Rs. 376656.00.

Source : Equity Bulls

Keywords

GensolEngineering INE06H201014 EVCars RideHailingCompany Gurugram NCR NewDelhi Lease