Gujarat Alkalies and Chemicals surges on inking MoU with NTPC REL

Gujarat Alkalies and Chemicals is currently trading at Rs. 708.05, up by 20.15 points or 2.93% from its previous closing of Rs. 687.90 on the BSE.

Gujarat Alkalies
Gujarat Alkalies

The scrip opened at Rs. 710.00 and has touched a high and low of Rs. 717.95 and Rs. 703.60 respectively. So far 18190 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 1044.75 on 02-May-2022 and a 52 week low of Rs. 423.30 on 23-Aug-2021.

Last one week high and low of the scrip stood at Rs. 717.95 and Rs. 664.10 respectively. The current market cap of the company is Rs. 5199.33 crore.

The promoters holding in the company stood at 46.28%, while Institutions and Non-Institutions held 3.49% and 50.22% respectively.

Gujarat Alkalies and Chemicals (GACL) has inked Memorandum of Understanding (MoU) with NTPC Renewable Energy (NTPC REL), a wholly owned subsidiary of NTPC.

The agreement is to explore the business opportunities of mutual interest in the areas of sourcing of renewable power having optimum mix of solar, wind and other clean energy including energy storage solutions to the extent of about 100 MW, as required for the operations and manufacturing of GACL at Vadodara Complex and/or Dahej Complex or any of its other Complexes and to jointly work on synthesizing Green Chemicals such as Methanol and Ammonia for captive use by GACL using Hydrogen and CO2 available at GACL.

This is a first-of-its-kind novel initiative between leading CPSE (Central Public Sector Enterprises) and State Government Promoted Company to support country’s commitment to achieve renewable energy targets and reduce greenhouse emissions.

Gujarat Alkalies and Chemicals is engaged in business of manufacturing basic chemicals such as sodium cyanide, sodium ferrocyanide, chloromethanes, hydrochloric acid, caustic potash, potassium carbonate, phosphoric acid (85%) and hydrogen peroxide.

Please share this news

Check Also

LG Electronics hosts grand finale of All India K-Pop Contest 2023

Udaipur : LG Electronics, India’s leading consumer durables brand, hosted the grand finale of the …