Shares of GAIL India Limited advanced nearly 2 percent to Rs 208 apiece in morning trade on May 27 after the company announced the inauguration of its first 10 megawatt (MW) green hydrogen plant under the National Green Hydrogen Mission in Vijaipur, Madhya Pradesh.
The plant has a capacity to produce 4.3 tonnes er day (TPD) of hydrogen through its electrolyzer units by using renewable power to perform electrolysis of water. According to the company, the hydrogen produced at this plant will have a purity of 99.99 percent and will be generated at a pressure of 30 kilograms per square centimetre.
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"Initially the hydrogen produced from this unit shall be used as a fuel along with Natural Gas for captive purposes in the various processes and equipment running in the existing plant," GAIL said in a regulatory filing on May 25.
GAIL is also setting up 20 MW solar power plants in Vijaipur to meet the green power requirements for the electrolyzer, which will be used in green hydrogen production. The company also aims to source renewable power through open access.
For the March quarter, GAIL reported a 5.6 percent drop in its revenue at Rs 32,317 crore, while net profit fell by more than 23 percent due to lower revenue and weaker-than-expected performance in the gas marketing segment.
GAIL shares have rallied over 26 percent since the start of the year.
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