Shares of Advait Infratech Limited hit a 5% upper Circuit on 12 April after the company announced signing an MoU for fuel cell technology.

In its regulatory filing, the company said that they have signed a Memorandum of Understanding (MoU) with TECO 2030, a Norwegian-based clean-tech Company, to develop and commercialize fuel cell technology.

As a part of this signed agreement, the company and TECO 2030 will establish a joint venture in India for the development, manufacturing, and commercialization of the fuel cell technology of TECO 2030 within the country as well as the SAARC market.

As of 31 December 2023, the company’s total order book stands at around Rs 173 crore, from which the majority contribution is by the ‘EPC’ orders, followed by ‘Manufacturing’ orders, orders from ‘overseas’, and ‘Green Hydrogen’ orders.

In a period of six months, the shares of the company have given a return of over 240% making it a multibagger stock.

The company is an Indian-based company that supplies tools and equipment for the construction of transmission lines.

At 3:30 pm, the shares of Advait Infratech closed 5% higher at Rs 1,350.80 on NSE.