 "Gayatri Projects extends gain as its arm signs PPA with TPDC")
Shares of Gayatri Projects surged 5% to Rs 574, extending its previous day’s 4.5% gain on the BSE, after the company said its wholly-owned subsidiary Gayatri Energy Ventures signed an eight-year power purchase agreement with Telangana Power Distribution companies (TPDC).
Thermal Powertech Corporation India (TPCIL), a joint venture between Gayatri Energy Ventures Pvt Ltd., a wholly owned subsidiary of Gayatri Projects and SembCorp Utilities (a wholly owned subsidiary of SembCorp Industries) which owns and operates a 1,320-megawatt coal-fired power plant in Krishnapatnam in Andhra Pradesh’s SPSR Nellore district, has signed a long-term power purchase agreement (PPA) with the Telangana Power Distribution Companies, Gayatri Projects said in a release.
Under the power purchase agreement, 570 megawatts of power will be sold to the Southern and Northern Power Distribution Companies of Telangana for a period of 8 years.
Meanwhile, in past one-week the stock rallied 14% from Rs 502 after the company posted an over four-fold jump in net profit at Rs 12.16 crore for the quarter ended December 2015. It had profit of Rs 2.73 crore in the same quarter last year. The S&P BSE Sensex gained 2.8% during the same period.
At 02:03 PM, the stock was up 4.4% at Rs 570 on the BSE. A combined 72,516 shares changed hands on the counter on the BSE and NSE.
Thermal Powertech Corporation India (TPCIL), a joint venture between Gayatri Energy Ventures Pvt Ltd., a wholly owned subsidiary of Gayatri Projects and SembCorp Utilities (a wholly owned subsidiary of SembCorp Industries) which owns and operates a 1,320-megawatt coal-fired power plant in Krishnapatnam in Andhra Pradesh’s SPSR Nellore district, has signed a long-term power purchase agreement (PPA) with the Telangana Power Distribution Companies, Gayatri Projects said in a release.
Under the power purchase agreement, 570 megawatts of power will be sold to the Southern and Northern Power Distribution Companies of Telangana for a period of 8 years.
Meanwhile, in past one-week the stock rallied 14% from Rs 502 after the company posted an over four-fold jump in net profit at Rs 12.16 crore for the quarter ended December 2015. It had profit of Rs 2.73 crore in the same quarter last year. The S&P BSE Sensex gained 2.8% during the same period.
At 02:03 PM, the stock was up 4.4% at Rs 570 on the BSE. A combined 72,516 shares changed hands on the counter on the BSE and NSE.