GVK Power & Infrastructure rose 2.73% to Rs 8.27 at 13:30 IST on BSE after the company said that the power purchase agreement between its step-down subsidiary and AP Transco expired on 20 June 2015.
The announcement was made during trading hours today, 22 June 2015.
Meanwhile, the BSE Sensex was up 366.08 points, or 1.34%, to 27,682.25.
On BSE, so far 2.25 lakh shares were traded in the counter, compared with an average volume of 5.97 lakh shares in the past one quarter.
The stock hit a high of Rs 8.30 and a low of Rs 8.04 so far during the day. The stock hit a 52-week high of Rs 19.45 on 30 June 2014. The stock hit a 52-week low of Rs 7.28 on 3 June 2015.
The stock had underperformed the market over the past one month till 19 June 2015, falling 3.59% compared with 1.19% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 5.41% as against Sensex's 4.05% fall.
The small-cap company has an equity capital of Rs 157.92 crore. Face value per share is Re 1.
GVK Power & Infrastructure said that the power purchase agreement (PPA) signed by GVK Industries, a step down subsidiary of the company with the erstwhile APSEB (now AP Transco) stands expired by 20 June 2015 as it had completed its validity period of 18 years.
In this regard, GVK Industries has received a notice from the AP Transco stating that they have exercised their option to "buy out" its 217 megawatts (Phase 1) power plant situated at Jegurupadu Village in Andhra Pradesh, in terms of the provisions specified under the PPA, the company said in a statement.
On consolidated basis, GVK Power & Infrastructure reported net loss of Rs 108.66 crore in Q4 March 2015, lower than net loss of Rs 235.46 crore in Q4 March 2014. Net sales rose 21.9% to Rs 846.30 crore in Q4 March 2015 over Q4 March 2014.
GVK Power & Infrastructure is a leading Indian conglomerate with presence across energy, resources, airports, transportation, hospitality and life sciences sectors.
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