GMR Power shares spike 20% on government order for 75 lakh smart meters
On the technical front, the stock price rose 17% and outperformed its sector by 16.1% in the past year
GMR Power and Urban Infra share price jumped 20% on Friday's trading session on news that Uttar Pradesh government has ordered 75 lakh smart metres to be installed by its stepdown subsidiary, GMR Smart Electricity Distribution Private Limited (GSEDPL). GMR Power share price opened at intraday high of Rs. 24.14 apiece on BSE.
Purvanchal Vidyut Vitran Nigam Ltd and Dakshinanchal Vidyut Vitran Nigam Ltd have offered letters of intent (LOI) to the stepdown subsidiary of GMR Power and Urban Infra to implement smart metering projects in the Uttar Pradesh regions of Purvanchal (Varanasi, Azamgarh zone, and Prayagraj, Mirzapur), and Dakshinanchal (Agra and Aligarh zone).
In the designated area, GSEDPL will install, integrate, and manage 75.69 lakh smart metres. The LOI was released in response to the e-tender that UP Discoms had floated for various regions of Uttar Pradesh.
The project will be spanned over a period of 10 years.
On the technical front, the stock price rose 17% and outperformed its sector by 16.1% in the past year.
On Friday's session, GMR Power and Urban Infra shares was trading at high volume of 29.8 million with price gain of 10.17.
“GMR Power, witnessed a huge gap up opening but from the hgher levels it has immediatly corrected, but still prices are up 10%.
