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GVK Power rallies 10.8% post stake sale in BIAL

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& Infrastructure jumped 6.88% to Rs 8.08 at 10:45 on BSE, with the stock extending Friday's gains triggered by the company completing the sale of residual 10% stake in International Airport.

Meanwhile, the S&P Sensex was up 99.73 points or 0.31% at 32,120.48. The S&P Small-Cap index rose 27.59 points or 0.17% at 15,935.60.

On the BSE, 14.07 lakh shares were traded on the counter so far as against the average daily volumes of 15.70 lakh shares in the past one quarter. The stock had hit a high of Rs 8.15 and a low of Rs 7.59 so far during the day. The stock had hit a 52-week high of Rs 9.22 on 3 July 2017 and a 52-week low of Rs 5.05 on 25 May 2017.

The stock had outperformed the market over the past one month till 14 July 2017, advancing 26.21% compared with the Sensex's 2.78% rise. The stock had also outperformed the market over the past one quarter, gaining 26.63% as against the Sensex's 8.69% rise. The scrip had, however, underperformed the market over the past one year, advancing 6.18% as against the Sensex's 14.6% rise.

The small-cap company has equity capital of Rs 157.92 crore. Face value per share is Rs 1.

Shares of & Infrastructure (GVK Power) have rallied 10.83% in two trading sessions to its ruling market price, from its close of Rs 7.29 on 13 July 2017, after the company said after market hours on 13 July 2017 that it has completed the sale of residual 10% stake in International Airport (BIAL). The stock had risen 3.7% to settle at Rs 7.56 on Friday, 14 July 2017.

announced the successful completion of the sale of its residual stake of 10% in International Airport (BIAL), held through its subsidiary, Airport Infrastructure Developers (BAIDPL) to Fairfax India Holdings Corporation (Fairfax India) for a consideration of Rs 1290 crore (approximately $200 million).

In March 2017, GVK closed an agreement which was signed during March 2016 with Fairfax India to sell a 33% stake in BIAL. It had retained a 10% stake and the management of BIAL. Subsequently, in June 2017, GVK announced its decision to conclude the sale of this 10% residual stake to Fairfax India, subject to necessary consents and approvals.

and Infrastructure reported net loss of Rs 205.85 crore in Q4 March 2017, higher than net loss of Rs 105.59 crore in Q4 March 2016. Net sales rose 4.1% to Rs 7.10 crore in Q4 March 2017 over Q4 March 2016.

GVK is a leading conglomerate with presence across energy, airports, transportation, hospitality and life sciences.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 17 2017. 10:46 IST
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