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GVK Power at 52-week high on pact with CIDCO to develop Navi Mumbai Airport

The stock locked in upper circuit for the second straight day, up 5% at Rs 22.15 on BSE

SI Reporter  |  Mumbai 

GVK Power Q4 net loss widens at Rs 407 crore

(GVKPIL) was locked in upper circuit for the second straight day, up 5% at Rs 22.15 on BSE after the company on announced the signing of the concession agreement with City and Industrial Development Corporation (CIDCO) for the project. The agreement was signed through a special purpose vehicle Private Ltd (NMIAL), a step down subsidiary of through its subsidiary Mumbai International Airport Private Limited (MIAL) holds 74%, while holds the balance 26% in equity capital of NMIAL.

The initial concession period is 30 years from the appointed date, which is extendable for another 10 years, the company said in a press release. The stock trading at its 52-week high price has rallied 10% in past two days. In past one month, it surged 40% against 3.5% rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 8.76 million shares changed hands on BSE and NSE till 01:41 PM: There were pending buy orders for 11,492 shares, the exchanges data shows.

First Published: Tue, January 09 2018. 13:46 IST
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