Shares of Advait Infratech Limited hit a 20% upper circuit on 5 January after the company announced signing MoUs with the Government of Gujarat.

In its regulatory filing, the company said that it has signed two MoUs (Memorandum of Understanding) with the Government of Gujarat with a proposed investment of Rs 45 crore and will generate over 120 employment opportunities.

The first Mou is for the manufacturing and assembly of fuel cells and electrolysers at Kadi, Mehsana, Gujarat, in the year 2024. The second MoU is for the design, manufacturing, testing, and supply of an Emergency Restoration System at Kadi, Mehsana, Gujarat, in the year 2024.

The company added, “This project aligns with our commitment to providing innovative solutions and strengthening our presence in the state.”

Both the MoU signs were formalised as a part of the Vibrant Gujarat Global Summit 2024.

The filing added, “The proposed investment and job creation align with our long-term vision and commitment to sustainable growth.”

The company is engaged in the business of providing products and solutions for power transmission, substation, and telecommunication infrastructure.

At 3:30 pm, the shares of Advait Infratech closed 18.32% higher at Rs 733.55 on NSE.