GMR Infra gains on synchronization of a power plant unit

GMR Infrastructure rose 2.29% to Rs 17.90 at 14:29 IST on BSE after the company said that the second 350 megawatts unit of its coal-based thermal power plant at Kamalanga in Odisha's Dhenkanal district was successfully synchronized with the grid.

The announcement was made during trading hours today, 11 July 2013.

Meanwhile, the S&P BSE Sensex was up 408.31 points or 2.12% at 19,702.43.

On BSE, 3.36 lakh shares were traded in the counter as against average daily volume of 10.52 lakh shares in the past one quarter.

The stock hit a high of Rs 18.10 and a low of Rs 17.60 so far during the day. The stock had hit a 52-week high of Rs 27 on 4 October 2012. The stock had hit a record low of Rs 16.75 on 29 November 2012.

The stock had underperformed the market over the past one month till 10 July 2013, sliding 14.63% compared with the Sensex's 0.76% fall. The scrip had also underperformed the market in past one quarter, declining 17.65% as against Sensex's 4.78% gain.

The mid-cap company has equity capital of Rs 389.24 crore. Face value per share is Re 1.

GMR Infrastructure said that with the latest synchronization of the second 350 megawatts (MW) unit of its coal-based thermal plant in Odisha, the combined generation capacity of the GMR Group has reached 1,836 MW. Earlier, on 30 April 2013, the first unit of 350 MW of GMR Infrastructures' coal-based thermal plant at Kamalanga in Odisha was declared commercially operational.

GMR Infrastructure is establishing the 4x350 MW GMR Kamalanga Energy (GKEL) in two phases of 3x350 MW and 1x350 MW, respectively. Work on commissioning the third unit of 350 MW in the first phase is in advanced stages and is likely to be completed by August 2013. GKEL would supply power to Odisha, Bihar, Haryana and other parts of the country.

Speaking on the occasion, GKEL President R. V. Sheshan said, "GKEL is one of the largest GMR's investments in the energy sector. It is also one of the earliest private power projects to commence commercial operation in Odisha. The fuel for the project will be supplied by Mahanadi Coalfields and captive coal mine (Rampia) allocated by Government of India. After commissioning all the three units of 350 MW each in the first phase, we will begin work on the second and final phase of the project".

GMR Infrastructure reported consolidated net profit of Rs 579.17 crore in Q4 March 2013, as against net loss of Rs 366.16 crore in Q4 March 2012. Net sales rose 22.5% to Rs 2571.07 crore in Q4 March 2013 over Q4 March 2012.

Bengaluru-based GMR Infrastructure is a global infrastructure major with interests in airports, energy, highways and urban infrastructure sectors.

Powered by Capital Market - Live News