GMR Infra remains in green

GMR Infra had yesterday breached the upper circuit at Rs.19.55 and today it opened higher at Rs.20.25 and currently remains over 3% up.

The stock continues to react to the news of its first power unit in Chhattisgarh beginning generation. This is the first 685 MW unit of its 1,370 MW supercritical coal-based  thermal power plant. The company said that the “first unit achieved synchronisation with the grid. on October 2, last week." The project has been implemented on multiple packages concept by Doosan of Korea. Work on the second unit of 685 MW is in progress.

Post this development, our Editor, Mr.SP Tulsian, in his Market Whispers column has said, “GMR Infra can move to Rs.22 in next two weeks, as company is likely to monetize part of its Delhi airport land, and has also commenced its Raipur thermal power plant, due to which, it is seeing renewed buying from the informed circles. Share also seen to have bottomed out and now seeing short covering as well.”