Gammon Infrastructure Projects share price surged as much as 10 per cent in the morning trade on Tuesday after the company informed BSE that its wholly owned subsidiary – Pravara Renewable Energy (PREL), has completely synchronized its 30MW bagasse based cogeneration power project at Pravaranagar, Ahmednagar district in Maharashtra on Nov 6, 2015 and started the commercial production of electricity and export of power to state grid.
At 11.55 am, the share price of Gammon Infra was up 4.70 per cent at Rs 7.35. The scrip opened at Rs 7.10 and had touched a high and low of Rs 7.73 and Rs 7.05, respectively, in trade so far.
Later, the scrip closed 2.56 per cent up at Rs 7.20 on BSE.
In a BSE filing, GMR Infrastructure Projects said, “PREL has signed the Power Purchase Agreement with Maharashtra State Electricity Distribution Co. Ltd for 13 years on the preferential Tariff as decided by Maharashtra State Electricity Regulatory Commission from time to time.”
The BSE group ‘B’ stock of face value Rs 2 has touched a 52 week high of Rs 20.85 on 20-Nov-2014 and a 52 week low of Rs 6.52 on 09-Nov-2015.
Last one week high and low of the scrip stood at Rs 7.73 and Rs 6.52 respectively. The current market cap of the company is Rs 702.48 crore.
The promoters holding in the company stood at 58.45 per cent while institutions and non-institutions held 25.83 per cent and 15.72 per cent, respectively.
Gammon Infrastructure Projects is an infrastructure project development company incorporated by Gammon India, to participate in the development of infrastructure projects on a public private partnership (PPP) basis.