GMR Infra gains after GMR Energy's power plants wins gas allocation

GMR Infrastructure has gained 4.5% to Rs 12.80 on the NSE after GMR Energy's two power plants in Andhra Pradesh were awarded allocation of gas through a fresh round of e-bidding conducted by the Government of India.

GMR Energy announced that two of its gas based plants - GMR Vemagiri Power Generation (GVPGL) and GMR Rajahmundry Energy (GREL) - in Andhra Pradesh have been awarded allocation of gas through a fresh round of e-bidding conducted by the Government of India, on 15 September 2015.

This was the second round of bidding under the “Scheme for Utilization of Stranded Gas based power Plants”, launched by GoI in March 2015. These two plants, with total capacity of 1138 megawatts (MW), now can operate over the next six months starting October 2015 at equivalent to 50% plant load factor (PLF) - up from 25% PLF in the previous round.

On NSE, so far 3,548,323 shares were traded in the counter. The stock hit a high of Rs 12.89 and low of Rs 12.50 so far during the day.

With Capital Markets input