GMR Power zooms 20% as Group wins contract worth of Rs 5,123 cr in UP
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Shares of GMR Power and Urban Infra were locked in the 20 per cent upper circuit at Rs 34.24, also its 52-week high on the BSE on Monday at 10:11 AM; after the company said GMR Group received Letter of Award (LOA) worth Rs 5,123 crore for smart metering project from Purvanchal Vidyut Vitran Nigam Limited.
In past two trading days, the stock of civil construction company has zoomed 37 per cent. A combined 26.79 million shares changed hands and there were pending buy orders for 4.29 million shares on the NSE and BSE.
In an exchange filing GMR Power said its step-down subsidiary GMR Smart Electricity Distribution Private Limited (GSEDPL), has now received the 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 5.017 million smart meters in the given area.
The company further said, the implementation tenure is expected to be 27 months from the date of execution of the contract and an operating period of 93 months. The total contract value (inclusive of GST) for Prayagraj & Mirzapur Zone is about Rs 2,386.72 crore and for Varanasi & Azamgarh Zone is about Rs 2,736.65 crore.
GMR Power said it expects similar LOA from Dakshinanchal Vidyut Vitran Nigam Limited to implement smart metering project in the Dakshinanchal (Agra and Aligarh zone) area of 2.552 million smart meters, shortly.
This Advanced Metering Infrastructure (AMI) Project shall include Supply, Installation, Integration, Commissioning and Operation & Maintenance of smart meters on DBFOOT basis backed by state-of-the-art technology and software solutions for end-to-end automated system management.
The project will be executed under Revamped Distribution Sector Scheme (RDSS) and is expected to reduce the AT&C losses in the designated area and improve operational and collection efficiency of UP Discoms, the company said.
GMR Group is mainly engaged in generation of power, coal mining and exploration activities, development of highways, development, maintenance and operation of special economic zones, and construction business including Engineering, Procurement and Construction (‘EPC’) contracting activities.
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