GIPCL jumps on securing land in Gujarat

Gujarat Industries Power Company (GIPCL) rose 4.70% to Rs 81.25 after the company secured a land for developing 2375 megawatts renewable energy park at Kutch, Gujarat.

The District Collector of Kutch, Gujarat has approved the allotment of land to GIPCL admeasuring 4,750 hectares (HA) for development of 2,375 megawatt (MW) renewable energy park (wind/solar/wind-solar hybrid) at Khavda village in Kutch, for a period of 40 years on leasehold basis, with the scheduled completion of at least 50% of the total capacity within a period of three years and 100% completion of total capacity within a period of five years.

GIPCL's net profit fell 9.3% to Rs 46.94 crore on a 1.2% increase in net sales to Rs 336.31 crore in Q2 September 2020 over Q2 September 2019.

GIPCL has been promoted by leading Gujarat PSUs, namely GSFC, GACL and GUVNL. The company is engaged in the business of electrical power generation with a present installed generation capacity of 1084.4 MW. The company has a diversified portfolio of thermal (gas and lignite), wind and solar power plant assets in Gujarat.

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