Gayatri Projects rose 4.62% to Rs 459.50 at 11:43 IST on BSE after the company said Thermal Powertech Corporation India successfully commenced full commercial operation with the completion of its second 660-megawatt unit.
The announcement was made during trading hours today, 14 September 2015.
Meanwhile, the BSE Sensex was up 74.59 points, or 0.29%, to 25,684.80.
On BSE, so far 16,000 shares were traded in the counter, compared with an average volume of 44,634 shares in the past one quarter.
The stock hit a high of Rs 465 and a low of Rs 442.20 so far during the day. The stock hit a 52-week high of Rs 500 on 27 August 2015. The stock hit a 52-week low of Rs 133 on 17 December 2014.
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The stock had outperformed the market over the past one month till 11 September 2015, falling 0.90% compared with 8.10% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 117.10% as against Sensex's 2.88% decline.
The small-cap company has an equity capital of Rs 33.83 crore. Face value per share is Rs 10.
TPCIL (Thermal Powertech Corporation India), the joint venture company between Gayatri Energy Ventures (a wholly-owned subsidiary of Gayatri Projects) and Singapore based SembCorp Utilities (a wholly-owned subsidiary of SembCorp Industries), announced that it has successfully commenced full commercial operations, following the completion of its second 660 megawatts (MW) unit.
The first phase of the approximately $1.5 billion coal-fired power plant, commissioned earlier this year generated more than 800 million units during the quarter ended 30 June 2015. Phase I, operating around 90%-100% PLF (plant load factor) levels since stabilizing in May 2015 is already supplying 500 MW of power to the Andhra Pradesh and Telangana Power Distribution Companies under a long term PPA (power purchase agreement) and further power under short term arrangements. Power being generated from the 660 MW Phase II is also largely sold out to existing customers and longer term arrangements are in the process of being firmed up.
TPCIL has also secured a fuel supply agreements with Mahanadi Coal Fields and Indonesia-based PT Bayan Resources for the supply of coal to its power plant. Further, the 1320 MW coal-fired power plant located in Krishnapatnam is more efficient and environmentally friendly compared to conventional coal-fired power plants as it uses supercritical technology.
Sembcorp owns 67.4% of TPCIL through its wholly-owned subsidiary, Sembcorp Utilities, while Gayatri Energy Ventures, a wholly-owned subsidiary of Gayatri Projects, owns the remaining 32.6%.
Gayatri Projects' net profit jumped 377.2% to Rs 10.69 crore on 18.5% growth in net sales to Rs 404.21 crore in Q1 June 2015 over Q1 June 2014.
Gayatri Projects is a Hyderabad-based infrastructure and construction company with a presence across the segment, primarily undertaking road and irrigation projects.
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