20 per cent upper circuit: This small-cap company wins order to install & maintain 75.69 lakh meters!

The stock is up by 15 per cent in 5 days and over 30 per cent in 3 months.

On Friday, one of the Top Gainers on BSE, shares of GMR Power & Urban Infra Ltd jumped 20 per cent upper circuit to Rs 24.14 per share from its previous closing of Rs 20.12. At the closing bell, shares of the company were trading at Rs 21.78 per share, up 8.25 per cent with a spurt in volume by more than 7.24 times on BSE.

The company informed that GMR Smart Electricity Distribution Private Limited (GSEDPL), a step-down subsidiary of GMR Power and Urban Infra Limited, has received Letter of Intent (LOI) from Purvanchal Vidyut Vitran Nigam Limited and Dakshinanchal Vidyut Vitran Nigam Limited, to implement smart metering project in the Purvanchal and Dakshinanchal area of Uttar Pradesh.

GSEDPL will install, integrate and maintain 75.69 lakh smart meters in the given area. The LOI has been issued in conclusion to the e-tender floated by UP Discoms for different areas of Uttar Pradesh. The project will be spanned over a period of 10 years.

This Advanced Metering Infrastructure (AMI) Project shall include the supply, installation, integration, commissioning and operation & maintenance of smart meters on a DBFOOT basis backed by state-of-the-art technology and software solutions for end-to-end automated system management. The project will be executed under Revamped Distribution Sector Scheme (RDSS) and is expected to reduce the AT&C losses in the designated area and improve the operational and collection efficiency of UP Discoms.

GMR Power and Urban Infra Limited (GPUIL), a subsidiary of GEPL holds expertise in the sectors of energy, urban infrastructure, and transportation. The company has a market cap of over Rs 1,300 crore. The net sales increased by 34.70 per cent to Rs 5,525 crore and net profit skyrocketed 275 per cent to Rs 1,139 crore in FY23 over FY22.

The stock is up by 15 per cent in 5 days and over 30 per cent in 3 months. Investors should keep an eye on this Small-Cap stock.