GMR Power and Urban Infra hit an upper circuit of 5% to Rs 94.40 after the firm's subsidiary, GMR Smart Electricity Distribution (GSEDL) has entered into an arrangement with Bosch Global Software Technologies (BGSW) for the smart meter projects.
As a part of the arrangement, BGSW has executed definitive agreements with GSEDPL whereby it will be investing in 10% equity capital in each of the three project SPVs, with GSEDPL holding the balance 90% of the equity capital of these SPVs.Earlier on 13 September 2023, the company received Letter of Award (LOA) by GMR Smart Electricity Distribution Private (GSEDPL) from Purvanchal Vidyut Vitran Nigam (PuVNL) and Dakshinanchal Vidyut Vitran Nigam to install, integrate and maintain in aggregate 75.69 lakh smart meters.
GSEDPL subsequently incorporated three special purpose vehicles (SPVs) for the implementation of the said smart metering projects.
GMR Power and Urban Infra a subsidiary of GMR Enterprises (GEPL) holds expertise in the sectors of Energy, Urban Infrastructure and Transportation. Urbanization has given the country rapid growth and contributing towards this growth, GMR Group ventured into this business sector.
The company reported a consolidated net profit of Rs 170.43 crore in Q4 FY24 as against a net loss of Rs 465.84 crore in Q4 FY23. Revenue from operations rose 14.83% to Rs 1,634.48 in Q4 FY24.
The counter hit an all-time high of Rs 94.40 in today's intraday session.
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