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

GMR Infrastructure gained 4.72% to Rs 12.88 at 11:03 IST on BSE 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.

Meanwhile, the S&P BSE Sensex was up 438.76 points or 1.69% at 26,402.73

On BSE, so far 2.96 lakh shares were traded in the counter as against average daily volume of 12.67 lakh shares in the past one quarter.

The stock hit a high of Rs 12.89 and low of Rs 12.50 so far during the day. The stock had hit 52-week high of Rs 24.67 on 16 September 2014. The stock had hit a record low of Rs 9.58 on 4 September 2015.

The mid-cap infrastructure company has equity capital of Rs 565.53 crore. Face value per share is Re 1.

GMR Energy today, 18 September 2015 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.

With the current allocation of gas, operations will continue till March, 2016 and thereafter Government of India will call for a fresh round of bidding, GMR Infrastructure said. The scheme envisages Government subsidies from the power system development fund (PSDF) through a transparent e-bidding process, the company said. The government will subsidize the power distribution companies to the extent of Rs 1.44 per unit from the PSDF for the power procured from these two plants, it added.

GMR Energy has a portfolio of 3000 MW of coal based assets and 1350 MW of gas based assets. Besides this, it also operates 25 MW solar plant and is in the process of developing hydro portfolio of about 2000 MW

On consolidated basis, GMR Infrastructure reported net loss of Rs 429.45 crore in Q1 June 2015, lower than net loss of Rs 593.20 crore in Q1 June 2014. Total income rose 11.3% to Rs 3113.58 crore in Q1 June 2015 over Q1 June 2014.

GMR Group is a leading global infrastructure conglomerate with interests in Airport, Energy, Transportation and Urban Infrastructure. The group has fifteen power generation projects of which ten are operational and five are under development; nine operating road assets and a double rail track line between Mughalsarai-New Bhaupur (Kanpur) of Eastern Dedicated Freight Corridor under development.

Powered by Capital Market - Live News