Genus Power win orders worth ~₹3,000 Crore; stock jumps ~5%

19 Aug 2024 , 01:11 PM

Genus Power Infrastructures Ltd.’s shares are trading at a 5% premium after its wholly-owned subsidiary received three Letters of Award.

Genus Power received three Letters of Awards (LoAs) worth ₹2,925.5 Crore for Advanced Metering Infrastructure Services, including design, supply, installation, and commissioning for approximately 3.75 million Smart Prepaid Meters and system meters on a DBFOOT basis.

The acronym DBFOOT stands for Design, Build, Finance, Own, Operate, and Transfer.

Genus Power’s overall order book now stands at ₹24,383 Crore, including SPVs and the GIC platform.

In July of last year, Genus Power agreed to establish a platform to fund smart metering projects with an arm of Singapore’s Sovereign Wealth Fund GIC for a $2 billion first commitment.

Genus Power’s overall order book now stands at ₹24,383 Crore, including SPVs and the GIC platform.

In July of last year, Genus Power agreed to establish a platform to fund smart metering projects with an arm of Singapore’s Sovereign Wealth Fund GIC for a $2 Billion first commitment.

Genus Power will be the platform’s sole supplier of smart meters and related services, the business stated in a regulatory filing on July 5, last year.

Promoters owned 42.66% of the company at the end of the June quarter. India’s mutual funds own 4.43%, with Nippon MF holding 4.24%. Genus Power has a 17.91% ownership from Foreign Portfolio Investors and about 1.1 Lakh small shareholders (those with authorised share capital of less than ₹2 Lakh).

At around 10.34 AM, Genus Power was trading 4.99% higher at ₹408.05, against the previous close of ₹388.65 on NSE. The counter touched an intraday high of ₹408.05.

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