Gayatri Projects builds up

There is a lot of activity today on the counters of Gayatri Projects with volumes spiking up almost 3.5 times and the stock price is up over 4% at Rs.568 levels and this is after an intra day high at Rs.573.

The company stated that its JV between Gayatri Energy Ventures and SembCorp Utilities - Thermal Powertech Corporation India has signed a long-term power purchase agreement with power distribution companies in Telangana.

Under the power purchase agreement, 570 megawatts of power will be sold to the Southern and Northern power distribution companies of Telangana for a period of 8 years.

This agreement plus the already existing 500 MW power being supplied to Andhra and Telangana power discoms, all under a 25-year agreement, gives this JV more than 85% of its net total generating capacity under long-term power purchase agreements.