Shares of GMR Power and Urban Infra hits 5% upper circuit on Thursday, June 20, following the company’s announcement of a strategic partnership for a smart metering project.
This marks the fourth consecutive session where the company’s shares have hit the upper circuit, highlighting strong investor interest. GMR Power’s arm, GMR Smart Meter Electricity Distribution, has teamed up with Bosch Global Software Technologies to implement a comprehensive smart meter initiative.
In September 2023, GMR Smart secured a major order for 7.6 million smart meters from Purvanchal Vidyut Vitran Nigam Ltd and Dakshinanchal Vidyut Vitran Nigam Ltd. Subsequently, GMR Smart established three Special Purpose Vehicles (SPVs) to oversee the implementation of these smart metering projects.
The partnership with Bosch Global Software Technologies, renowned for its expertise in designing and constructing advanced smart metering systems, aims to create a robust architecture integrating these smart meters with cloud and IT infrastructure.
As part of the collaboration, Bosch Global will make a significant investment by acquiring a 10 percent equity stake in each of the three SPVs, with GMR Smart retaining the remaining 90 percent ownership.
The initiative is expected to enhance the efficiency of electricity distribution within the regions served by Purvanchal Vidyut and Dakshinanchal Vidyut.
In addition to the smart metering project, GMR Power recently informed the exchanges about progress at its subsidiary, GMR Hyderabad Vijayawada Expressways, in settling claims with the National Highway Authority of India (NHAI) and finalizing loan closures with its consortium of lenders.
Stock performance of GMR Power and Urban Infra in last one year
In terms of stock performance, GMR Power and Urban Infra shares have demonstrated positive returns across multiple time frames. Over the past month, the stock has given a commendable 37.90% return, showcasing its stability and growth potential. The last six months have seen even more impressive results, with a substantial increase of 86.73%, indicating a strong upward trend.
Year-to-date, GMR Power and Urban Infra shares have surged by 73.99%, reinforcing the stock’s positive momentum in the current fiscal year. Looking at the broader picture, the stock has delivered an impressive return of over 425.85% in the last twelve months, emphasizing its sustained growth and attractiveness to investors.
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