Emkay initiates coverage on India's GMR Power and Urban; shares hit record high

GMR Power and Urban Infra

24/09/2024 07:48

** Shares of GMR Power and Urban Infra  GMRP.NS  up 4.6% to
record high of 156 rupees
    ** Co's core thermal assets are nearing optimal performance
on coal tie-ups, power purchase agreements to the tune of ~90%
capacity, and improving debt metrics, Emkay analysts said
    ** Brokerage initiates Street coverage on stock with "buy"
rating and PT of 180 rupees
    ** Co's ~7.5 mln smart meter installation contract opens up
lucrative asset-light business opportunity with Bosch for
vertical integration and unleashing execution capabilities -
Emkay
    ** Says co is focused on reducing debt on the back of strong
cash flow, conversion of Foreign Currency Convertible Bonds into
equity, and handover of Hyderabad-Vijayawada road project
    ** GMRP up 176% YTD, vs 27% and 58% gain in Engineers India
 ENGI.NS  and Power Mech Projects  POMP.NS , respectively
    

 (Reporting by Aleef Jahan in Bengaluru)
 ((aleefjahan.cs@thomsonreuters.com))