Shares of GMR Infra rose 7 per cent on Wednesday after the company announced revision of power tariff for GMR Kamalanga Energy limited.
GMR Kamalanga Energy, is an SPV of GMR Energy Limited following an order passed by Central Electricity Regulatory Commission (CERC) on 16th November, 2015.
GMR Kamalanga had submitted an application to CERC for determination of the tariff under the PPA, the company said in the press realease.
Pending order of CERC, GMR Kamalanga was being reimbursed @ Rs. 2.75 / unit of total tariff. Consequent to the CERC order GMR Kamlanga will be entitled for a price of FY 14 which shall be approximately Rs 3.97/Unit and Rs 3.4/Unit thereafter, added further.
Commenting on the development Mr. GBS Raju, Business Chairman- Energy, said: "This is another reaffirmation of the Government's and Regulator's resolve to solve the problems of the Power sector. We are pleased to note that CERC has passed this tariff order which will go a long way improving the profitability and liquidity of the Group."
Shares of the company were seen trading higher by 7.66 per cent at Rs 14.33 on BSE at 2.10 pm IST.