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Business News/ Markets / Stock Markets/  Midcap stocks hits over 3% upper circuit after firm inks pact with green hydrogen provider; do you own?
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Midcap stocks hits over 3% upper circuit after firm inks pact with green hydrogen provider; do you own?

Shares of Sterlite Technologies gained more than three per cent today after the company inked a deal with private green hydrogen solutions provider ‘Hygenco’

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Close-up of hands of businesswoman analyzing stock market charts and key performance indicators on notebook computer and smartphone screen (File pic)

Shares of Sterlite Technologies Ltd (STL) gained more than three per cent on Thursday, October 12, after the company inked a deal with private green hydrogen solutions provider ‘Hygenco’ for the supply of green hydrogen to its manufacturing plants. Shares of the optical and digital solutions provider gained 3.49 per cent during the trading session after the announcement of the collaboration.

‘’The company is pleased to announce that it has collaborated with Hygenco, a homegrown green hydrogen solutions provider, for the supply of green hydrogen to its manufacturing plants. In this long-term offtake agreement, Hygenco will build-own-operate the green hydrogen facility for STL for 20 years,'' said Sterlite Technologies in a regulatory filing to the stock exchanges today.

Also Read: Microcap stock hits 5% upper circuit after company wins 292 crore-worth order; do you own?

The facility will be based on renewable energy and commissioned in the next 15-18 months, according to STL. This project will be the very first green hydrogen project in India's optical industry, as per the statement.

STL has expertise in materials science, photonics and precision engineering and has set up a semiconductor-grade glass preform plant in Aurangabad, Maharashtra. ‘’The Industry 4.0 powered plant is dedicated to manufacturing glass preforms, which are used to draw world-class optical fibre,'' said STL.

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Hydrogen and oxygen are critical components in the production of optical fibre and are used as fuel in blast furnaces for making glass from silica particles.  In the optical fibre value chain, gases like hydrogen and oxygen are considered as hard to decarbonise areas. 

STL and Hygenco, through this green hydrogen partnership, aim at carbon abatement to the tune of 30 per cent year on year, according to STL' statement. Currently, STL uses electrolysers running on conventional energy. 

Now, renewable energy-based electrolysers installed by Hygenco will enable STL to in-source its hydrogen requirement, reducing occupational health hazards associated with procuring hydrogen in cylinders. 

‘’Equipped with autonomous energy management and control, the system will also enable constant monitoring and real-time decision-making to ensure optimal efficiency,'' added STL in its statement.

On Thursday, shares of STL opened at 157.50 and gained 3.49 per cent to hit an intra day high of 163.15 apiece, before settling 2.92 per cent higher at 162.05 apiece on the BSE.

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 12 Oct 2023, 09:43 PM IST
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