The company made this announcement during trading hours today, 13 July 2010.

Meanwhile, the BSE Sensex was up 31.71 points, or 0.18% to 17,968.91.

On BSE, 20.28 lakh shares were traded in the counter as against an average daily volume of 2.61 lakh shares in the past one quarter.

The stock hit a high of Rs 95.25 so far during the day, which is a record high for the counter. The stock hit a low of Rs 89.45 so far during the day. The stock had hit a 52-week low of Rs 42.40 on 13 July 2009.

The mid-cap stock had outperformed the market over the past one month till 12 July 2010, gaining 16.23% as compared to the Sensex's return of 5.11%. It had also outperformed the market in the past one quarter, rising 28.46% as compared to the Sensex's 0.47% rise.

The company has an equity capital of Rs 26.38 crore. Face value per share is Rs 2.

The power plan will be set up through a joint venture of the company with Gujarat Mineral Development Corporation (GMDC), it said. Gokul Refoils and Solvent holds 74% stake in the joint venture (JV), whereas Gujarat Mineral Development Corporation (GMDC) holds 26% stake.

The project is being developed in 61 hectares land and total project cost is estimated at about Rs 460 crore. The plant capacity is divided in parts, of that, 55 megawatt (MW) would be supplied to GMDC and rest 25 MW is available for sale to Gujarat Urja Vikas (GUVNL) and other parties.

GMDC has committed 100% raw material supply to the project. Also, both the Gokul Group and GMDC have principally agreed to enhance the size of power project to 135 MW from 80 MW.

Gokul Refoils and Solvent's net profit rose 9.6% to Rs 8.22 crore on 20.6% increase in net sales to Rs 857.20 crore in Q4 March 2010 over Q4 March 2009.