Gensol Engineering Witnesses Strong Buying Interest on PLI Win

Gensol Engineering Witnesses Strong Buying Interest on PLI Win

VoM News Desk | February 12, 2024 | 02:25 PM IST | Breaking News | Follow on Google News

Gensol Engineering Witnesses Strong Buying Interest on PLI Win/ANI

Gensol Engineering Witnesses Strong Buying Interest on PLI Win

Despite a broader decline in mid-cap and small-cap stocks, Gensol Engineering shares experienced robust buying interest on Monday. The stock opened at ₹1,170 on NSE and surged to an intraday high of ₹1,199, marking an approximate 8 percent increase from its Friday close of around ₹1,112 per share. The buying spree followed Gensol Engineering’s announcement of winning the Production Linked Incentive (PLI) bid for Hydrogen Electrolyser Manufacturing.

PLI Win Boosts Gensol Engineering Shares

Gensol Engineering Ltd disclosed its success in the PLI bid for an advanced Electrolyser Plant under the Sustainable Hydrogen Innovation & Green Hydrogen Technologies (SIGHT) program. The company informed stock exchanges about securing the project with a manufacturing capacity of 63 MW per annum. This strategic move aligns with India’s ambitious goal of producing 5 million metric tons of green hydrogen annually by 2030, emphasizing the national Green Hydrogen Mission and the Production Linked Incentive (PLI) scheme.

CEO Ali Imran Naqvi Comments on the Milestone

Ali Imran Naqvi, CEO (EPC Business) of Gensol Engineering Ltd., expressed gratitude for the trust placed by the Government of India and stakeholders. He emphasized the milestone as a testament to the company’s commitment to India’s green hydrogen mission and a beacon of aspiration to drive global decarbonization efforts. Naqvi highlighted the pivotal role of green hydrogen in the world’s transition to sustainable energy and Gensol’s aim to foster global partnerships, technological exchange, and innovation. The company intends to catalyze the adoption of green hydrogen globally, marking a new era in energy sustainability.

VoM News Desk

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