GMR Infrastructure jumps after arm gets revised tariff order from CERC

The GMR Group announced revision of power tariff for GMR Kamalanga Energy Ltd post CERC order

Shares of GMR Infrastructure was up nearly 8% at Rs 14.35 on the Bombay Stock Exchange after the GMR Group announced revision of power tariff for GMR Kamalanga Energy Ltd, a special purpose vehicle (SPV) of its arm GMR Energy Ltd following an order passed by the  Central Electricity Regulatory Commission on November 16, 2015.

Pending order of CERC, GMR Kamalanga was being reimbursed at the rate of Rs 2.75/unit of total tariff. Consequent to the CERC order GMR Kamalanga will be entitled for a price of  FY14 which shall be approximately Rs 3.97/unit and Rs 3.4/unit thereafter, the company said in a release.

GMR Kamalanga had submitted an application to CERC for determination of the tariff under the PPA, the release added.

The stock opened at Rs 13.50 and touched a high of Rs 14.75. At 2pm, over 54 million shares were traded on both the stock exchanges.