Gensol Engineering: Gensol Engineering Stock Surges 7% on Subsidiary’s ARAI Approval for EV
Gensol Engineering company soared in the market after the Company gets approval for manufacturing electric vehicles in India from ARAI.
Gensol Electric Vehicles has secured certification and approval for its electric vehicle from the Automotive Research Association of India (ARAI).
This milestone is significant as it marks the completion of the vehicle homologation process, encompassing testing in controlled lab settings and various terrain conditions. The approval sets the stage for the official launch and sale of the electric vehicle in the Indian market.
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The state-of-the-art electric car, designed to contribute to the broader mission of decarbonizing mobility, will be produced at a newly established facility in Chakan, Pune, with an annual capacity of 30,000 cars. The compact two-door, two-seater electric vehicle boasts features such as a moonroof, ample boot space, in-cabin driver assistance technology, a comprehensive technology stack, and AI-driven cloud analytics.
Anmol Singh Jaggi, Chairman of Gensol Engineering, expressed the company’s commitment to introducing its first made-in-India electric vehicle in full compliance with ARAI regulations. He emphasized pride in developing a vehicle that meets the highest standards of safety, quality, and performance parameters.
Gensol, known for its expertise in engineering, procurement, and construction (EPC) services with a focus on the solar power sector, operates an electric vehicle (EV) production facility in Pune, manufacturing both three-wheelers and four-wheelers.
Texmaco Rail: Texmaco Rail Rises as Board Greenlights Rs 150 Crore Fundraising
Texmaco Rail company gets Board approval of rising Rs.150Cr through Convertible warrants to its promoters .
Texmaco Rail’s board has empowered its Capital Issue Committee to finalize the structure, terms, and conditions of an upcoming issuance, along with other related matters, according to a company filing. Despite closing half a percent lower at Rs 196.25 on February 27, Texmaco Rail shares have been a standout performer, delivering a remarkable 344 percent return in the past year.
Before this latest fund-raising initiative, Texmaco Rail & Engineering Ltd, a Kolkata-based engineering and infrastructure company, successfully raised Rs 750 crore through a Qualified Institutional Placement (QIP), which included a greenshoe option of Rs 200 crore. The QIP, oversubscribed by more than two times, witnessed strong participation from high-profile foreign investors and leading domestic institutional investors and funds, as stated by the company.
In Q3FY24, Texmaco Rail reported robust financials with net sales at Rs 896.44 crore, marking a 43.46 percent YoY increase. The quarterly net profit surged 160 percent YoY to Rs 29.37 crore, and EBITDA witnessed a 52 percent jump to Rs 95.03 crore. Texmaco Rail’s EPS also rose to Rs. 0.89.
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As of December 2023, the company’s freight car order book stood at Rs 5,700 crore, with expectations of additional orders and tenders from the Indian Railways.
Looking ahead, Texmaco Rail and Engineering aims to fulfill 3,400 rail wagon orders in the first quarter of the next financial year (Q1FY25), riding on a robust future order book position.
Indus Towers: “Indus Towers Up 2% on Vodafone Idea’s Rs 45,000 Crore Fundraising”
The Vodafone Idea company said rising of Rs.45000 crore through Equity and Debt ,makes positive for Indus towers. Indus Towers has paid by Rs.300 Crore from Vodafone Idea in Jan 2023. Vodafone Idea company have Rs.5600 crore project with Indus towers since deal. Now Rising plan makes confidence for Indus towers that Vodafone Idea has to repay the another payment to Indus Towers.
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As of October 2023, Vodafone Idea owed approximately Rs 5,600 crore to Indus Towers, a company engaged in installing, owning, and managing communication structures and telecom towers for wireless operators. Vodafone Idea had already repaid Rs 300 crore to Indus Towers in January 2023.
On February 27, Citi Research highlighted that the planned fundraise could bring added benefits to Indus Towers, representing a crucial development to watch. The analysis suggested that with the fundraise, Indus Towers might potentially recover nearly half of its outstanding dues from Vodafone Idea over the next two years.
In Q3FY24, Indus Towers reported a net profit of Rs 1,540.1 crore, marking a significant turnaround from the previous fiscal’s net loss of Rs 708.2 crore. The EBITDA for the same period also surged to Rs 3,621.6 crore from Rs 1,185.8 crore in the corresponding period of the previous fiscal.
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