GMR Infra spurts as subsidiary inks power supply pact with BSEB

13 Dec 2011

GMR Infrastructure is currently trading at Rs 18.60, up by 0.55 points or 3.05% from its previous closing of Rs 18.05 on the BSE.

The scrip opened at Rs 17.90 and has touched a high and low of Rs 18.95 and Rs 17.70 respectively. So far 650838 shares were traded on the counter.

The BSE group 'A' stock of face value Re 1 has touched a 52 week high of Rs 48.25 on 14-Dec-2010 and a 52 week low of Rs 17.70 on 13-Dec-2011.

Last one week high and low of the scrip stood at Rs 21.65 and Rs 17.70 respectively. The current market cap of the company is Rs 7025.84 crore.

The promoters holding in the company stood at 71.42% while Institutions and Non-Institutions held 20.29% and 8.30% respectively.

GMR Group promoted - GMR Kamalanga Energy (GKEL) has executed an agreement for supply of 260 MW to Bihar State Electricity Board (BSEB) under Case I bidding. With this agreement, GKEL has tied up 85 percent of its power sale under tariff policy.

This makes GKEL eligible to avail mega power status under the new policy. GKEL is the first power project in the country eligible to receive mega power status under the new policy.

GKEL is presently executing the 1050 MW (3x350 MW) coal-based thermal power project at Kamalanga in Orissa's Dhenkanal district. Besides BSEB, GKEL has executed power purchase agreements with GRIDCO, HPGCL and PTC. GKEL is expected to commence power supply from its first unit in mid-2012.

The GMR Group is a Bangalore-headquartered global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure. GIL is the holding company for the infrastructure business of the GMR group.

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