Gensol Engineering Ltd on Thursday announced that its EV-focussed leasing solution arm Gensol EV Lease Pvt Ltd has bagged an order worth Rs 75 crore for more than 500 Tata Ace cargo EV, sending its shares higher by around 5 percent.

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Gensol, in a filing to the stock exchanges, stated that the order bagged from an all-electric logistics company is valued at Rs 75 crore.

The subsidiary has already leased more than 20 cargo electric vehicles to the logistics company and the rest of the vehicles would be deployed in the next six months, the filing stated.

The cargo EVs will be deployed in six states — Maharashtra, Karnataka, West Bengal, Tamil Nadu and Telangana.

Gensol EV Lease is also working with customers in PSUs, employee transportation business and last mile delivery with a leasing demand of more than 100 vehicles.

Gensol EV Lease provides flexible and tailored EV leasing and fleet management solutions.

Shares of Gensol Engineering gained 4.69 percent to hit a high of Rs 2,084.95 apiece on BSE in morning deals. Trading volume increased 1.31 times of two two-week average of 6,102 shares.

Gensol Engineering Limited is a part of the Gensol group of companies, which offers engineering, procurement, and construction (EPC) services for the development of solar power plants.

The company this month had announced signing of definitive agreements to acquire a 100 percent stake in Scorpius Trackers Pvt Ltd (Scorpius) for a total consideration of up to Rs 135 crore in a cash and stock deal.

Gensol shares were trading 4.29 percent higher at Rs 2077 apiece on BSE at 11.47 AM.