Rs 3,600 crore project: This small-cap power generation company receives a new project from Gujarat Urja Vikas Nigam!

Shares of the company have gained about 9 per cent in the last one year.

Gujarat Industries Power Company Limited reported in the exchange filing that the Gujarat Urja Vikas Nigam Limited (GUVNL) has issued a Letter of Intent, to the company for 600 MW capacity Solar photovoltaic power projects at Khavda. Pursuant to said Letter of Intent, Gujarat Industries Power Company is required to sign PPA with GUVNL as a part of the BID documents, subject to the adoption of the tariff of GERC. The estimated financial implication for the said Solar Power Project would be Rs 3,600 crores.

Gujarat Industries Power Company Limited is engaged in the generation of power from gas, lignite, wind, and solar assets. Its principal place of business is located in the state of Gujarat. It is indirectly promoted by Gujarat State Govt. through 3 state undertakings i.e., Gujarat Urja Vikas Nigam Limited, Gujarat Alkalies & Chemicals Limited, and Gujarat State Fertilizers & Chemicals Limited.

On Friday, the stock opened at Rs 94.00, with a high and low of Rs 94.40 and Rs 92.30. The stock previously closed at Rs 93.01. On Friday, the stock closed at Rs 93.35, up by 0.37 per cent.

The stock has a 52-week high of Rs 101.95 and a 52-week low of Rs 70.50. The company has a market capitalisation of Rs 1,417.22 crore.
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