Shares of G R Infraprojects Ltd rose 1.5% to touch a day’s high of Rs 1,280 on 28th August, after the firm announced that it had received a Letter of Intent (LoI) for a transmission project worth Rs 367 crore.

In an exchange filing, G R Infraprojects said it has received a Letter of Intent (LoI) for a Rs 367 crore transmission project in Madhya Pradesh. This project involves evacuating power from renewable energy projects. Specifically, it covers Rajgarh (1,500 MW) SEZ Phase III and Neemuch (1,000 MW) SEZ Phase II. This is achieved through a Tariff-Based Competitive Bidding Process.

The scope includes setting up substations, line bays, reactors, and 400 kV double-circuit lines. These components aim to strengthen the transmission infrastructure in the region.

On the earnings front, G R Infraprojects reported a 57% YoY jump in Q1 net profit at Rs 244 crore, compared to Rs 155 crore a year ago. However, revenue from operations fell 2.1% to Rs 1,988 crore from Rs 2,030 crore in the same period last year.

At 12:29 PM, the shares of G R Infraprojects were trading 0.53% higher at Rs 1,267.60 on NSE.

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