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GMR Infra speeds up on toll commencement on a highway project

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The company made the announcement after market hours on Friday, 30 November 2012.

Meanwhile, the Sensex was down 44.42 points or 0.23% at 19,295.48.

On BSE, 21.94 lakh shares were traded in the counter as against average daily volume of 12.70 lakh shares in the past one quarter.

The stock hit a high of Rs 19.70 and a low of Rs 18.55 so far during the day. The stock had hit a record low of Rs 16.75 on 29 November 2012. The stock had hit a 52-week high of Rs 34.40 on 17 February 2012.

The stock had underperformed the market over the past one month till 30 November 2012, declining 7.21% compared with the Sensex's 4.93% rise. The scrip had also underperformed the market in past one quarter, sliding 2.61% as against Sensex's 10.25% surge.

The mid-cap company has equity capital of Rs 389.24 crore. Face value per share is Re 1.

GMR Infrastructure said that its subsidiary GMR OSE Hungund Hospet Highways which is executing the 4 laning road project of Hungund-Hospet section of National Highway (NH)-13 on toll basis under National Highways Development Project (NHDP) Phase III in Karnataka has commenced partial toll collection based on partial completion of the project ahead of schedule. Toll collection has started at two out of three toll plazas of the project, said.

The GMR group last week said that in a unilateral and completely irrational move, the Government of Maldives (GoM) has issued a notice to the GMR Male' International Airport (GMIAL), intending to take over the possession and control of the Ibrahim Nassir International Airport (INIA) under the pretext that the agreement is void. This unlawful and premature notice on the pretext that the Concession Agreement (CA) is 'void' is completely devoid of any locus standi and is therefore being challenged by the company before the competent forums, GMIAL said in a statement. The company said it disputes that the CA is 'void'.

GMIAL further said that it has taken all measures to continue operations at the Ibrahim Nassir International Airport (INIA), thereby ensuring that this vital gateway to Maldives is kept open. The company understands the importance of tourism to the economy of Maldives and having been entrusted the responsibility of operating and developing the INIA, it will discharge its duties to the fullest, GMIAL added.

GMIAL is joint venture between GMR Infrastructure and Malaysia Airports Holding Berhad (MAHB), with GMR Infrastructure holding the majority 77% stake. MAHB holds the remaining 23% stake in the joint venture. In 2010, GMIAL won the right to build and operate the Ibrahim Nasir International Airport (INIA) for 25 years, which is extendable by another 10 years. Situated on Hulhule Island in the Maldives at the South western tip of India, INIA is one of the fastest growing airports in the region.

GMR Infrastructure reported consolidated net loss of Rs 179.30 crore in Q2 September 2012, higher than net loss of Rs 62.53 crore in Q2 September 2011. Net sales rose 19.7% to Rs 2371.89 crore in Q2 September 2012 over Q2 September 2011.

Bangalore-headquartered GMR Infrastructure is a global infrastructure major with interests in airports, energy, highways and urban infrastructure sectors. It has successfully employed the public-private-partnership model to build a portfolio of high quality assets.

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