India's GMR Power and Urban Infra soars as unit wins project

GMR Power and Urban Infra

14/07/2023 05:23

** Shares of India's GMR Power and Urban Infra  GMRP.NS 
surge as much as 19.9% to 24.15 rupees, in highest intraday
climb since listing 
    ** Shares post highest level since Dec 30, 2022 
    ** Co said on Thursday that its unit GMR Smart Electricity
Distribution received letter of intent for smart metering
project in Uttar Pradesh state 
    ** LOI from Purvanchal Vidyut Vitran Nigam and Dakshinanchal
Vidyut Vitran Nigam 
    ** Project to span over a period of 10 years 
    ** Stock set to gain after two straight sessions of losses 
    ** Co shares trading above below 50-day and 100-day simple
moving averages for the first time since Sept 22, 2022 
    ** More than 14.7 mln shares changed hands by 9:30 a.m. IST,
 12.5x 30-day avg in busiest day since April 6, 2022 
    ** YTD stock had risen about 5% 

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))