Stock market today: Gensol Engineering share price jumps 8% after winning PLI bid

Stock market today: Despite heavy selling in mid-cap and small-cap stocks, Gensol Engineering shares witnessed strong buying interest on Monday. Gensol Engineering share price today opened upside at ₹1,170 apiece on NSE and went on to touch an intraday high of ₹1,199 per share on NSE, logging around 8 percent rise against its Friday close of ₹near ₹1,112 apiece.

Buying in Gensol Engineering shares took place after the engineering company declared to win PLI's bid for Hydrogen Electrolyser Manufacturing. The company informed Indian stock market exchanges about winning the PLI bid under the auspices of the Sustainable Hydrogen Innovation & Green Hydrogen Technologies (SIGHT) program.

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Gensol Engineering news

Gensol Engineering Ltd informed Indian bourses about the development saying, "Pursuant to the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), we wish to inform that the company has won a bid of manufacturing capacity for an advanced Electrolyser Plant under the auspices of the Sustainable Hydrogen Innovation & Green Hydrogen Technologies (SIGHT) program. The awarded project, with a manufacturing capacity of 63 MW per annum, is strategically positioned to contribute significantly to India’s ambitious goal of producing 5 million metric tons of green hydrogen annually by 2030."

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Gensol Engineering went on to add that the awarded project, with a manufacturing capacity of 63 MW per annum, is strategically positioned to contribute significantly to India’s ambitious goal of producing 5 million metric tons of green hydrogen annually by 2030. This aligns with the national Green Hydrogen Mission, bolstered by the Production Linked Incentive (PLI) scheme, underpinning our collective pursuit of net-zero emissions and sustainable development.

Commenting on this win for the PLI bid, Ali Imran Naqvi, CEO (EPC Business) of Gensol Engineering Ltd., stated, "We are immensely thankful for the trust placed in us by the Government of India and our stakeholders. This milestone is not just a testament to our commitment to India's green hydrogen mission but also a beacon of our aspiration to drive global decarbonization efforts. Green hydrogen is pivotal in the world's transition to sustainable energy, and Gensol, leveraging this opportunity, aims to foster global partnerships, technological exchange, and innovation. Together, we are set to catalyze the adoption of green hydrogen globally, marking a new era in energy sustainability.”

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