Tata Motors, Reliance Industries & IOC shares in focus today. Here's why

Shares of Tata Motors Ltd, Indian Oil Corporation Ltd (IOC) and Reliance Industries (RIL) are in focus today amid a media report that quoting sources suggested that the three companies would be the key bidders for the government's pilot project for the use of green/grey hydrogen (H2) in the transport sector.

The Rs 496-crore project, whose bidding opened in February, will conclude on Thursday, ET reported. It is part of the National Green Hydrogen Mission that was launched in January last year with an outlay of Rs 19,744 crore. Business Today could not independently verify the news.

Shares of Reliance Industries are up 13.61 per cent in 2024 so far. Tata Motors shares have climbed 27.65 per cent during the same period. The IOC stock, on the other hand, saw a 33.33 per cent rally year-to-date.

The initiative, ET reported, is in line with the government's aim to decarbonise the economy, reduce dependence on fossil fuel imports, and enable India to assume leadership in green hydrogen.

One of the key criteria from the bidders is participation as a consortium or partners to ensure the entire value chain - from making hydrogen and dispensing it and running vehicles fuelled by hydrogen, ET reported.