Shares of GMR Power and Urban Infra Ltd. gained as much as 7 percent on Monday, snapping its five-day losing streak, as its step-subsidiary GMR Smart Electricity Distribution Company secured its second major smart metering project order in the last ten days. The current order is valued at Rs 7,593 crore and is also the fifth major order in the smart metering space this month.

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The project involves 75.69 lakh prepaid smart meters across 2 discoms -- Dakshinanchal Vidyut Vitran Nigam Ltd (DVVNL) and Purvanchal Vidyut Vitaran Nigam Limited (PuVVNL). It will span 22 districts in Uttar Pradesh, including Varanasi, Prayagraj, Mathura, Agra and Aligarh.

A smart meter measures and records energy consumption data. It differs from the regular meter as it is a digital device that communicates remotely with the utility. It will send consumption information to the concerned utility after every 15 minutes to an hour and eliminates the need for a meter reader.

Earlier this month, the company received another order to install, integrate and maintain 75.69 lakh smart meters in UP's Purvanchal area. The project would be completed in 10 years.

GMR Enterprises Private Ltd. is a subsidiary of GMR Enterprises Private Ltd. and it has expertise in the energy, urban infrastructure and transportation sectors.

The smart meters sector has been in focus this month, with companies such as HPL Electric, Genus Power and Tata Power receiving orders to the tune of Rs 5,000 crore.

Shares of GMR Power were trading 7.3 percent higher at Rs 21.15 apiece around 1.40pm on the Bombay Stock Exchange (BSE).

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First Published:Jul 24, 2023 1:55 PM IST