GMR Power trades jubilantly as its step-down arm gets LOI to implement smart metering project in Uttar Pradesh
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GMR Power and Urban Infra is currently trading at Rs. 22.33, up by 2.21 points or 10.98% from its previous closing of Rs. 20.12 on the BSE.
The scrip opened at Rs. 24.14 and has touched a high and low of Rs. 24.14 and Rs. 21.76 respectively. So far 3629689 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 38.65 on 30-Aug-2022 and a 52 week low of Rs. 14.32 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 24.14 and Rs. 18.95 respectively. The current market cap of the company is Rs. 1395.51 crore.
The promoters holding in the company stood at 59.83%, while Institutions and Non-Institutions held 23.92% and 16.25% respectively.
GMR Power and Urban Infra’s stepdown subsidiary -- GMR Smart Electricity Distribution (GSEDPL) has received Letter of Intent (‘LOI’) from Purvanchal Vidyut Vitran Nigam and Dakshinanchal Vidyut Vitran Nigam, to implement smart metering project in the Purvanchal (Varanasi, Azamgarh zone and Prayagraj, Mirzapur zone) and Dakshinanchal (Agra and Aligarh zone) area of Uttar Pradesh. GSEDPL will install, integrate and maintain 75.69 lakh smart meters in the given area.
The LOI has been issued in conclusion to the e-tender floated by UP Discoms for different areas of Uttar Pradesh. GSEDPL participated in the e-tender and emerged as a winner. The project will be spanned over a period of 10 years.
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.
GMR Power and Urban Infra, a subsidiary of GEPL holds expertise in the sectors of energy, urban infrastructure and transportation.
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