Multibagger penny stock under Rs 40: This infra stock bags new order worth Rs 5,123.37 crore for smart metering project!

Shares of the company have jumped more than 90 per cent in the last 6 months.

GMR Smart Electricity Distribution to Implement Smart Metering Project in Uttar Pradesh. GMR Smart Electricity Distribution Private Limited (GSEDPL), a step-down subsidiary of GMR Power and Urban Infra Limited, has received the Letter of Award (LOA) from Purvanchal Vidyut Vitran Nigam Limited to implement a smart metering project in the Purvanchal (Varanasi, Azamgarh zone and Prayagraj, Mirzapur zone) area of Uttar Pradesh.

GSEDPL will install, integrate, and maintain 50.17 lakh smart meters in the given area. The implementation tenure is expected to be 27 months from the date of execution of the contract and an operating period of 93 months. The total contract value (inclusive of GST) for Prayagraj & Mirzapur Zone is about Rs 2386.72 crores and for Varanasi & Azamgarh Zone is about Rs 2736.65 crores.

The LOA has been issued in conclusion to the e-tender floated by UP Discoms for different areas of Uttar Pradesh. GSEDPL participated in the e-tender and emerged as a winner. The project will be spanned over a period of 10 years.

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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. Shares of GMR Power and Urban Infra Limited have given multibagger returns of about 100 per cent in the last six months.

Investors should keep a close eye on this stock.

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