This GMR group stock has surged 51% in 10 days; zoomed 121% since April

GMR Power shares were locked in the 5-per cent upper circuit for a fourth straight day, up 5% at Rs 94.40. This was also the stock's new record high

Shares of GMR Power and Urban Infra (GPUIL) were locked in the 5-per cent upper circuit for a fourth straight day, at Rs 94.40, on the BSE on Thursday at 09:21 AM. 

The intraday high was also the stock's new record high which came after its arm GMR Smart meter electricity distribution private limited (GSEDPL) partnered with Bosch Global Software Technologies (BGSW) as technology partner in implementation of smart meters.

Nearly 4 million shares, together, changed hands on the BSE and BSE, and there were pending buy orders for 2.7 million shares on both the exchanges, data shows.

Meanwhile, in the past 10 trading days, the stock price of GMR Power and Urban Infra has rallied 51 per cent. Since April, thus far in the financial year 2024-25, the stock has more than doubled, zooming 121 per cent during the period.

GSEDPL had bagged an order of 7.569 million smart meters from Purvanchal Vidyut Vitran Nigam Limited (PuVNL) in September last year. GSEDPL, subsequently, incorporated three Special Purpose Vehicles (SPVs) for the implementation of the said smart metering projects.

GSEDPL has now entered into an arrangement with BGSW, the technology partner for the Project, known for their value in designing and building state-of-the-art smart metering system architecture. BGSW, with its expertise in IoT and connected products, will create a robust system architecture that connects these smart meters to cloud and IT infrastructure, GPUIL said in an exchange filing.

As a part of the arrangement, BGSW has executed definitive agreements with GSEDPL whereby it will be investing in 10 per cent equity capital in each of the three project SPVs, with GSEDPL holding the balance 90 per cent of the equity capital of these SPVs, the company said.

GSEDPL, a wholly-owned subsidiary of GPUIL, had received Letter of Award (LoA) from two UP Discoms, to implement the Advanced Metering Infrastructure (AMI) Project. GSEDPL will install, integrate and maintain 7.569 million prepaid smart meters spanned across 22 districts of Uttar Pradesh (UP) for a duration of 10 years with a total contract value (inclusive of GST) of around Rs 7,593 crore.

That apart, GPUIL, last week, informed the stock exchanges that GMR Hyderabad Vijayawada Expressways Private Limited (GHVEPL), a subsidiary of the company, is in advanced stage of settlement of its claims with National Highway Authority of India (NHAI) and closure of loans with its consortium of lenders.

As soon as the settlement attains finality, the company will issue a detailed release of terms of settlement, the company said.

GPUIL is a leading global infrastructure conglomerate with interest in Energy, Roads and Urban Infrastructure business sectors in India.

GPUIL's EPC business is constructing few sections of the prestigious Eastern Dedicated Freight Corridor project of DFCCI (Dedicated Freight Corridor Corporation of India Limited).

India achieving the climate targets and commitments under COP 27, would hinge on large quantum of investments and adoption of new technologies. Electric Vehicles (EV), Green Hydrogen, Energy Storage and Smart Metering have emerged as the bellwethers towards the goals of energy transition.

In line with our Energy 2.0 initiative, GPUIL has forayed into Smart Metering and EV Charging Infrastructure areas so as to capitalise on the synergies with the existing businesses and with a view to build scalable and sustainable value proposition for all stakeholders, the company had said in FY23 annual report.

With the conclusion of the DFCC project, the company would be looking out for opportunities in the EPC sector, both within and outside the country, GPUIL said.