GMR Infra gains after DIAL sells entire stake in Cargo JV

GMR Infrastructure gained 1.62% to Rs 18.80 at 9:31 IST on BSE after its subsidiary, Delhi International Airport entered into a definitive agreement to sell its entire stake of 26% of the equity capital of Delhi Cargo Service Centre.

The company made the announcement before market hours today, 23 February 2015.

Meanwhile, the S&P BSE Sensex was up 97.80 points or 0.33% at 29,329.21.

On BSE, so far 1.16 lakh shares were traded in the counter as against average daily volume of 17.79 lakh shares in the past two weeks.

The mid-cap stock hit a high of Rs 18.85 and a low of Rs 18.60 so far during the day. The stock had hit a 52-week high of Rs 38.30 on 10 June 2014. The stock had hit a 52-week low of Rs 15.35 on 16 December 2014.

The stock of infrastructure company had outperformed the market over the past one month till 20 February 2015, rising 9.79% compared with 1.55% rise in the Sensex. The scrip however, underperformed the market in past one quarter, falling 7.96% as against Sensex's 4.15% rise.

GMR Infrastructure said that Delhi International Airport (DIAL) a subsidiary of GMR Infrastructure on 20 February 2015 has entered into a definitive agreement to sell its entire stake of 26% of the equity capital of Delhi Cargo Service Centre which operates cargo operations at Delhi Airport. DIAL has agreed to sell its entire holding of 1.09 crore shares in the Cargo joint venture to India Infrastructure Fund -II (investment manager - IDFC Alternatives Limited), for Rs 26.20 per share aggregating a total consideration of Rs 28.60 crore. The consummation of share sale is subject to fulfilment of certain conditions precedent.

GMR Infrastructure reported consolidated net loss of Rs 638.33 crore in Q3 December 2014 compared with consolidated net loss of Rs 441.09 crore in Q3 December 2013. Total income rose 2.1% to Rs 2842.76 crore in Q3 December 2014 over Q3 December 2013.

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