GIPCL strengthens on issuing Letters of Intent for two solar power projects

Gujarat Industries Power Company (GIPCL) is currently trading at Rs. 94.30, up by 0.85 points or 0.91% from its previous closing of Rs. 93.45 on the BSE.The scrip opened at Rs. 93.45 and has touched a high and low of Rs. 95.50 and Rs. 93.25 respectively. So far 17,353 shares were traded on the counter.The BSE group ‘B’ stock of face value Rs. 10 has touched a 52 week high of Rs. 99.00 on 13-Jul-2016 and a 52 week low of Rs. 73.00 on 09-Nov-2015.

Last one week high and low of the scrip stood at Rs. 95.50 and Rs. 90.45 respectively. The current market cap of the company is Rs. 1,426.30 crore.The promoters holding in the company stood at 58.21%, while Institutions and Non-Institutions held 26.21% and 15.58% respectively.GIPCL has issued two Letters of Intent (LoI) for two solar power projects of 40 MW each at Plot Nos. 1 and 3 at Gujarat Solar Park, Charanka to Vikram Solar, Kolkata on Engineering, Procurement and Construction (EPC) basis, with O&M for ten years. The said projects are scheduled to be commissioned by June, 2017.

GIPCL is a Vadodara-based public limited company engaged in the business of power generation with an installed capacity of 815 MW. The company operates two gas based power plants in Vadodara, VS-I and VS-II aggregating 310 MW and two lignite-based power plants in Surat, SLPP-I and SLPP-II aggregating 500 MW.