Heavy buying: Back-to-back upper circuit in this multibagger penny stock; hits fresh 52-week high!

Shares of the company gained more than 180 per cent in the last six months.

Shares of GMR Power and Urban Infra Limited were locked in the upper circuit on Monday, gaining 5.00 per cent. The company has delivered robust Quarterly Results. The stock has witnessed heavy buying activity from investors in the last few days. Hence, the stock is locked in the upper circuit. The stock also made a new 52 week high on Monday.

The company posted robust Quarterly Results. The revenue of the company for Q2FY24 stood at Rs 627.49 crore which declined by 60.3 per cent YoY. The operating profit of the company stood at Rs 173.54 crore, while the PAT of the company stood at a loss of Rs 108.98 crore, from a profit of Rs 483.54 crore last year same quarter.

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Subsidiary of GMR Power and Urban Infra Limited, GMR Smart Electricity Distribution Private Limited (GSEDPL) has secured contracts to install and maintain smart meters across 22 districts in Uttar Pradesh. The company will install and manage 75.69 lakh prepaid smart meters for a period of 10 years. This project, worth approximately Rs 7,593 crore, will be implemented in collaboration with two Uttar Pradesh electricity distribution companies.

GMR Power and Urban Infra Limited is a diversified infrastructure player and a subsidiary of GMR Enterprises Private Limited holds expertise in the sectors of Energy, Urban Infrastructure and Transportation. The stock has also delivered multibagger returns of over 180 per cent in the last six months.

The stock has shown tremendous growth and investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.