GMR Infrastructure hit an upper circuit limit of 10% at Rs 19.55 at 12:56 IST on BSE after the company said it synchronized first unit of its 1370 megawatts Chhattisgarh supercritical thermal power plant.
The announcement was made during trading hours today, 7 October 2014.
Meanwhile, the BSE Sensex was down 133.36 points, or 0.50%, to 26,434.63.
On BSE, so far 31.70 lakh shares were traded in the counter, compared with an average volume of 36.23 lakh shares in the past one quarter.
The stock hit a low of Rs 17.65 in early trade. The stock hit a 52-week high of Rs 38.30 on 10 June 2014. The stock hit a 52-week low of Rs 17.20 on 30 September 2014.
The stock had underperformed the market over the past one month till 1 October 2014, falling 30.87% compared with 1.11% fall in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 48.33% as against Sensex's 4.12% rise.
The mid-cap company has an equity capital of Rs 436.13 crore. Face value per share is Rs 1.
The first 685 megawatts (MW) unit of GMR Chhattisgarh Energy's (GCEL) 1370 MW supercritical coal-based thermal power plant at Raikheda in Chhattisgarh's Raipur District has successfully achieved synchronization with the grid on 2 October 2014, GMR Infrastructure said in a statement.
GCEL is the GMR Group's first supercritical coal-based thermal power plant. The unit used fuel oil to achieve this first synchronization. The project has been implemented on multiple packages concept by Doosan of Korea. Work on commissioning GCEL's second unit of 685 MW is in progress, the company said.
Since 2013, the GMR Group has commissioned two coal-based thermal power plants - the 2x300 MW GMR's EMCO Energy at Warora in Maharashtra and three units of the 4x350 MW GMR Kamalanga Energy at Kamlalanga in Odisha, it added.
The GMR group had signed the MoU with the Government of Chhattisgarh for the power plant in 2008 and received Environment Clearance and Consent to Establish in 2011. Besides Chhattisgarh, GCEL will cater to the power needs of various states in the country, the company said.
Speaking on the occasion, Mr. G.M. Rao, Group Chairman of the GMR Group said, "The GCEL plant incorporates advanced supercritical technologies that optimize fuel and water usage and support our commitment to environmental sustainability. GCEL is also making substantial efforts so that the quality of life of individuals residing in neighboring communities is enriched by its educational, health care, livelihood and grassroots infrastructure development focused CSR interventions."
GMR Infrastructure reported consolidated net loss of Rs 593.20 crore in Q1 June 2014, higher than net loss of Rs 326.03 crore in Q1 June 2013. Net sales rose 3.2% to Rs 2699.38 crore in Q1 June 2014 over Q1 June 2013.
GMR Infrastructure is a Bangalore headquartered infrastructure group with interests in Airports, Energy, Highways and Urban Infrastructure sectors. It has successfully employed the public-private partnership model to build a portfolio of high quality assets.
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