GMR Infra gains after GMR Energy's subsidiary commences operation of power plant in AP

GMR Infrastructure rose 0.56% to Rs 14.48 at 15:45 IST on BSE after a subsidiary of GMR Energy successfully commenced commercial operation of combined cycle gas based power plant in Rajahmundry, Andhra Pradesh

The company said before market hours today, 20 November 2015.

Meanwhile, the S&P BSE Sensex was up 195.24 points or 0.76% at 26,037.16.

On BSE, so far 15.48 lakh shares were traded in the counter as against average daily volume of 14.84 lakh shares in the past one quarter.

The stock hit a high of Rs 14.75 and low of Rs 14.32 so far during the day. The stock had hit 52-week high of Rs 20.50 on 19 November 2014. The stock had hit a record low of Rs 9.58 on 4 September 2015.

The stock had outperformed the market over the past one month till 19 November 2015, rising 4.27% compared with Sensex's 5.57% decline. The scrip had also outperformed the market in past one quarter, gaining 10.85% as against Sensex's 7.48% fall.

The mid-cap infrastructure company has equity capital of Rs 603.59 crore. Face value per share is Re 1.

GMR Infrastructure said GMR Rajahmundry Energy (GREL), a subsidiary of GMR Energy successfully commenced commercial operation of its 2X384 megawatts (MW) gas based combined cycle gas based power plant in Rajahmundry, Andhra Pradesh.

The commercial operation of the power plant commenced with the beginning of gas supply under e-bid RLNG Scheme (Scheme for Utilization of Stranded Gas based power plants), which was launched by Government of India in March, 2015. With the current scheduling the plant is expected to run for at least a month. With the beginning of e-bid RLNG Scheme, the 768 MW power plant can now operate at 50% plant load factor (PLF), thereby generating 384 MW and supplying power to AP Discoms continuously. The plant will operate with clean fuel thus making the power generation environment friendly. GREL is a combined cycle power plant with natural gas and generates power using GE's advanced class technology of gas turbines (GE Frame 9 FA).

Current operations will continue upto March 2016, depending on gas availability and thereafter Government of India will call for a fresh round of bidding in March 2016. The gas based plant was awarded allocation of gas last month along with GMR Vemagiri Power Generation (GVPGL), which has already got operational recently. Both the plants are located adjacent to each other. As per the scheme, the government will subsidize the power distribution companies to the extent of Rs 1.44 per unit from the Power Sector Development Fund. GMR Vemagiri Power Generation and GMR Rajahmundry Energy, with a combined capacity of 1156 MW will be supplied with imported natural gas through the government's reverse auction process of Scheme for Utilization of Stranded Gas based power plants. GMR Energy has already secured coal security for all its coal-based assets worth 3,000 MW.

GMR Infrastructure reported consolidated net loss of Rs 398.67 crore in Q2 September 2015, lower than net loss of Rs 609.86 crore in Q2 September 2014. Consolidated total net sales rose 16.5% to Rs 3070.75 crore in Q2 September 2015 over Q2 September 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