GMR Power Share Price: Shares of GMR Power and Urban Infra Company Witness Incredible Boom
The share price of GMR Power and Urban Infra Company has experienced a remarkable surge, with the shares consistently hitting the upper circuit every day. In yesterday’s trading session, the shares of GMR Power & Urban Infra Company traded at the upper circuit and remained stuck in it today as well. This surge in share prices can be attributed to the new orders received by the GMR Group.
New Order Worth Rs 5123 Crore from Purvanchal Vidyut Vitratan Nigam Limited
GMR Power and Urban Infra Company recently announced in a regulatory filing that they have secured a smart metering project worth Rs 5123 crore from Purvanchal Vidyut Vitratan Nigam Limited Company. This significant order played a crucial role in the company’s shares closing at Rs 37.50, marking a gain of 9.97 percent on Tuesday, September 5, 2023.
GMR Power & Urban Infra Company Trading and Market Capitalization
In yesterday’s trading session, the shares of GMR Power & Urban Infra Company traded at Rs 34.24, witnessing a gain of 20 percent. The company’s total market capitalization currently stands at Rs 2,066.71 crore. GMR Smart Electricity Distribution Pvt Ltd, a subsidiary of GMR Power, has been awarded smart metering projects in Varanasi, Azamgarh, and Prayagraj Mirzapur zones in Purvanchal.
Installation and Maintenance of 50.17 Lakh Smart Meters
Under the assigned project, GMR Power Company is responsible for the installation and maintenance of 50.17 lakh smart meters. The company has been given a timeline of 27 months to complete the project, with a fixed maintenance period of 93 months.
Value of Meter Installation Projects in Prayagraj, Mirzapur, Varanasi, and Azamgarh
The meter installation projects in Prayagraj and Mirzapur zones have a total value of Rs 2,386.72 crore, while the projects in Varanasi and Azamgarh zones amount to Rs 2,736.65 crore. Furthermore, GMR Power and Urban Infra Company have expressed their expectation of securing the installation work for 25.52 lakh smart meters in Agra and Aligarh zones from Dakshinanchal Vidyut Vitratan Nigam Company, which is part of the northern state’s Dakshinanchal area.
Growth and Returns: Shares of GMR Power and Urban Infra Company
Shares of GMR Power and Urban Infra Company have witnessed a remarkable growth, doubling in value during 2023. In the past year alone, the shares have provided the public with a return of 114 percent. Starting at their lowest price level of Rs 14.32 on March 28, 2023, the shares have skyrocketed by 139 percent in just four months, reaching a price of Rs 34.24.
Important Note: Investing in mutual funds and the stock market involves risks. It is advisable to consult a financial advisor before making any investment decisions. AkhandIndia.com shall not be held liable for any financial losses incurred.
