BackGMR Power and Urban Infra share price jumps 10% on ₹2,470 crore smart metering project in Uttar Pradesh
GMR Power and Urban Infra's share price surged 10% after receiving a smart metering project worth ₹2,470 crore in Uttar Pradesh.
PremiumGMR Power and Urban Infra Limited share price jumped nearly 10% on Wednesday's trading session after receiving a Letter of Award (LOA) for a smart metering project worth ₹2,470 crore in Uttar Pradesh. GMR Power and Urban Infra share price opened at intraday's low of ₹34.01 apiece on BSE. At 10:16 IST, GMR Power and Urban Infra share was up 8.06% at ₹35.95 per share.
GMR Smart Electricity Distribution Private Limited (GSEDPL), a stepdown subsidiary of GMR Power and Urban Infra Limited, has received a letter of award from Dakshinanchal Vidyut Vitran Nigam Limited to implement a smart metering project in the Dakshinanchal (Agra, and Aligarh zone) area of Uttar Pradesh, the company stated in an exchange filing.
In the selected locations, GSEDPL will install, integrate, and maintain 25.52 lakh smart metres. From the day the contract was signed, the implementation period is expected to be 27 months, with a 93-month operation period.
On September 3, GSEDPL, received LOA from Purvanchal Vidyut Vitran Nigam Limited to implement smart metering project in the Purvanchal (Varanasi, Azamgarh zone and Prayagraj, Mirzapur zone) area of Uttar Pradesh. GSEDPL will install, integrate and maintain 50.17 lakh smart meters in the given area, according to company's exchange filing.
“The total contract value (inclusive of GST) for Agra & Aligarh Zone is about ₹2,469.71 crores," the company said in an exchange filing.
In response to the e-tender issued by UP Discoms for various regions of Uttar Pradesh, the LOA has been granted. The e-tender was taken part in by GSEDPL, which won. The project will take place over the course of ten years.
On the technical front, GMR Power and Urban Infra share price rose 18% and outperformed its sector by 13.9% in the past year.
According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, GMR power share price has bounced after yesterday's sell off and is up 8%.
“However, we don't have a major view as recently the stock has moved in circuits and considering some weakness in small and midcap from yesterday's traders can avoid aggressive bets on such space. Broad range is 32 as support whereas 41 as resistance," added Bhosale.
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