Genus Power Infrastructures Ltd.’s shares surged 5% to a record high of ₹408.05 on Monday, following the company’s announcement that its subsidiary secured three Letters of Awards (LoA) worth ₹2,925.5 crore for smart metering projects.
The contracts, awarded to the company’s wholly-owned subsidiary, involve the design, supply, installation, and commissioning of approximately 3.75 million smart prepaid meters. This significant win has boosted Genus Power’s total order book to ₹24,383 crore.
The company had previously partnered with an affiliate of Singapore’s Sovereign Wealth Fund GIC to fund smart metering projects, with an initial commitment of $2 billion. Genus Power is the exclusive supplier of smart meters and associated services to this platform.
The promoters hold a 42.66% stake in the company, while mutual funds, led by Nippon MF, own 4.43%. Foreign Portfolio Investors have a 17.91% stake, and the company has a significant base of small shareholders.
Genus Power’s shares have rallied 75% this year and 91% over the past 12 months, driven by the company’s growing presence in the smart metering space.
