Gensol Engineering Shares Soar After Order Win To Build Hydrogen Electrolyser Plant

Shares of Gensol Engineering Ltd. rose on Monday after it won the production-linked incentive bid for hydrogen electrolyser manufacturing.

Gensol Engineering, along with Matrix Gas and Renewables Ltd., won a grant of manufacturing capacity for an advanced electrolyser plant under the auspices of the Sustainable Hydrogen Innovation & Green Hydrogen Technologies program, the company said in an exchange filing.

The project has a manufacturing capacity of 63 MW per year and is in alignment with the Green Hydrogen Mission.

Shares of the company rose as much as 7.83% to 1,199 apiece, the highest level since Feb. 9. It pared gains to trade 5.40% higher at Rs 1,172 apiece as of 11:18 a.m. This compares to a 0.32% decline in the NSE Nifty 50 Index.

It has risen 159.02% in the last 12 months. Total traded volume so far in the day stood at 1.7 times its 30-day average. The relative strength index was at 77 indicating it was overbought.