GVK Power jumps after winning coal allotment

GVK Power & Infrastructure hit an upper circuit limit of 5% at Rs 18.35 at 11:56 IST on BSE after the company said its subsidiary won bid for 17,06,300 tonnes coal allocation from Coal India.

The announcement was made after market hours on Friday, 22 December 2017.

Meanwhile, the S&P BSE Sensex was almost flat at 33,941.81.

On the BSE, 2.05 lakh shares were traded in the counter so far, compared with average daily volumes of 5.57 lakh shares in the past two weeks. The stock opened with an upward gap of 5% at Rs 18.35 and remained stuck at that level so far. The stock hit a 52-week high of Rs 19.75 on 1 November 2017. The stock hit a 52-week low of Rs 5.05 on 25 May 2017.

GVK Power & Infrastructure said that GVK Power (Goindwal Sahib), a subsidiary of the company, received letters from Coal India, declaring it as the provisional successful bidder for award of 17,06,300 tonnes of coal to its 2x270 megawatts (MW) thermal power plant situated at Tarn Taran, Goindwal Sahib District, in Punjab. After submission of requisite documents, GVK Power will be declared as the successful bidder and thereafter will execute a fuel supply agreement.

GVK Power & Infrastructure reported net loss of Rs 76.94 crore in Q2 September 2017 as against net loss of Rs 13.41 crore in Q2 September 2016. Net sales declined 55.96% to Rs 3.14 crore in Q2 September 2017 over Q2 September 2016.

GVK is a leading Indian conglomerate with diversified interests across various sectors including energy, resources, airports, transportation, hospitality and life sciences.

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