Shares of Gas Authority Of India Ltd. (GAIL India Limited) rose by nearly 2% to Rs. 208 per share in morning trade on May 27 after the company announced the inauguration of its first 10-megawatt (MW) green hydrogen plant under the National Green Hydrogen Mission in Vijaipur, Madhya Pradesh.

GAIL is also establishing 20 MW solar power plants in Vijaipur to fulfil the green power requirements for the electrolyzer, which will be used in green hydrogen production.

The plant can produce 4.3 tonnes per day (TPD) of hydrogen through its electrolyzer units by using renewable power to perform electrolysis of water. 

According to the company, the hydrogen produced at this plant will have a purity of 99.99% and will be generated at a pressure of 30 kilograms per square centimetre.

Initially, the hydrogen produced from this unit shall be used as a fuel along with natural gas for captive purposes in the various processes and equipment running in the existing plant, GAIL said in a regulatory filing on May 25.

GAIL is also setting up 20 MW solar power plants in Vijaipur to meet the green power requirements for the electrolyzer, which will be used in green hydrogen production. The company also aims to source renewable power through open access.

For the March quarter, GAIL reported a 5.6% drop in its revenue at Rs. 32,317 crore, while net profit fell by more than 23% due to lower revenue and weaker-than-expected performance in the gas marketing segment.

However, 12:53 pm, the shares of GAIL India Ltd. lost all its early gains and were trading 1.05% lower at Rs 202.30 per share on NSE.