GMR Infra advances on signing agreement to operate Bidar Airport

GMR Hyderabad International Airport (GHIAL) signed an agreement to operate Bidar Airport in North Karnataka from February 2020.

Under the Government of India's Regional Connectivity - UDAN (Ude Desh Ka Aam Nagrik) Scheme, GHIAL has signed the concession agreement to commission, operationalize and maintain the civilian enclave at the Bidar Airport in North Karnataka. GHIAL is expected to start the airport operations in the first week of February 2020 with the operations of one daily flight connecting Bidar with Bangalore, the capital city of Karnataka.

GHIAL is a joint venture company promoted by the GMR Group (63%) in partnership with Airports Authority of India (13%), Government of Telangana (13%) and Malaysia Airports Holdings Berhad (11%).

SGK Kishore, executive director - South, GMR Airports and CEO - GHIAL, said, "The operationalization of Bidar Airport is a testimony to our commitment to support the Government of India's flagship Regional Connectivity Scheme. We are very pleased to partner with the Government of Karnataka to support efforts for all-round development Bidar and nearby regions and we are confident that the start of commercial operations at Bidar will provide a boost to the local economy through better connectivity for the people of Bidar and the large number of tourists who visit the area."

Located in the north-eastern part of Karnataka state, Bidar city is the headquarters of the Bidar District and is home to important religious shrines and historic monuments including Guru Nanak Jhira Sahib which is one of the holiest sites of the Sikh religion in this part of the country. Bidar is also renowned for Bidriware metal handicraft products which have been recognized with the coveted Geographical Indication (GI) tag.

GMR Infrastructure is a leading global infrastructure conglomerate with interests in airport, energy, transportation and urban infrastructure.

GMR Infra reported a consolidated net loss of Rs 458.50 crore in Q2 September 2019 as against a net loss of Rs 218.86 crore in Q2 September 2018. Net sales fell 1.1% to Rs 1,790.33 crore in Q2 September 2019 over Q2 September 2018.

Shares of GMR Infrastructure rose 2.09% to Rs 21.95. The stock was seen trading in the range of Rs 22 to Rs 21.45.

On the technical front, the stock's RSI (relative strength index) stood at 44.25. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading between its 50-day moving average (DMA) placed at Rs 22.17 and its 100-DMA placed at Rs 20.49.

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