Shares of GMR Infrastructure surged over 7 per cent after power tariff for GMR Kamalanga Energy limited was revised upwards.
Power tariff was revised for GMR Kamalanga Energy, an SPV of GMR Energy , following an order by Central Electricity Regulatory Commission (CERC) on November 16.
Reacting to the development, shares of the company today settled at Rs 14.27, up 7.21 per cent over its previous closing price. During the day the stock had touched a high of Rs 14.77 and a low of Rs 13.40 on the BSE.
At the NSE, shares of the company closed for the day at Rs 14.25, up 7.14 per cent. During the day the stock had touched a high of Rs 14.85 and a low of Rs 13.35.
On the volume front, 71.64 lakh shares got exchanged on the BSE, while 6.27 crore shares got traded on the NSE.
Consequent to the CERC order, GMR Kamalanga will be entitled for a price of financial year 2013-14 which shall be approximately Rs 3.97/Unit and Rs 3.4/Unit thereafter.
This long pending order would entitle GMR Group to collect all the arrears of power supply from GMR Kamalanga Energy to GRIDCO for power supplied till September 2015. Going forward the order will help improve company's EBITDA by Rs 120 crore.
GMR Kamalanga Energy owns and operates 3x350 MW coal based thermal power plant at Kamalanga village, in Dhenkanal district, Odisha. The Union power ministry has granted it the mega power project status.
