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Business News/ Markets / Stock Markets/  Stock market today: Gensol Engineering share price jumps 8% after winning PLI bid
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Stock market today: Gensol Engineering share price jumps 8% after winning PLI bid

Gensol Engineering has won a bid for manufacturing capacity for an advanced Electrolyser Plant under the Sustainable Hydrogen Innovation & Green Hydrogen Technologies program

Stock market today: Gensol Engineering share price today opened at ₹1,170 and went on touch an intraday high of ₹1,199 apiece on NSE (Photo: iStock)Premium
Stock market today: Gensol Engineering share price today opened at 1,170 and went on touch an intraday high of 1,199 apiece on NSE (Photo: iStock)

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.

Also Read: LIC shares surge over 6%, brokerages raise target price on robust Q3 results

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."

Also Read: Why small-cap index today crashed over 1000 points — explained with 5 reasons

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."

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 12 Feb 2024, 02:18 PM IST
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