GMR Infra gains on buzz it may bid for Philippines airport

GMR Infrastructure rose 3.95% to Rs 22.35 at 14:39 IST on BSE on reports that the company has reached with an agreement with Megawide Construction Corp to bid for an airport development project in the Phillipines.

Meanwhile, the BSE Sensex was down 99.55 points, or 0.54%, to 18,410.15.

On BSE, 8.31 lakh shares were traded in the counter as against an average daily volume of 12.08 lakh shares in the past one quarter.

The stock hit a high of Rs 22.45 and a low of Rs 21.30 so far during the day. The stock had hit a 52-week high of Rs 31.75 on 18 April 2012. The stock had hit a record low of Rs 16.75 on 29 November 2012.

The stock had outperformed the market over the past one month till 4 April 2013, rising 14.36% compared with the Sensex's 1.95% fall. The scrip had also outperformed the market in past one quarter, rising 8.04% as against Sensex's 6.44% fall.

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

Megawide Construction Corporation, a Philippines-based company, has teamed up with GMR Infrastructure, to bid for the development of Mactan-Cebu International Airport in Philippines.

Megawide, in a recent filing with the Philippines Stock Exchange, informed that it signed an understanding with GMR Infrastructure to form a joint venture once the project is awarded.

However, GMR Infrastructure has so far not made any announcement regarding its tie up with Megawide Construction Corporation.

On a consolidated basis, GMR Infrastructure reported consolidated net loss of Rs 217 crore in Q3 December 2012, higher than net loss of Rs 108 crore in Q3 December 2011. Net sales rose 7.8% to Rs 2356.30 crore in Q3 December 2012 over Q3 December 2011.

Bengaluru-based 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. The company has 17 power generation assets of which 6 are operational and 11 are under various stages of implementation and 9 Road assets, of which 8 are operational and 1 is under construction. In the Airports sector, it has developed and commissioned the Greenfield International Airport at Hyderabad. The company, besides operating the existing Delhi International Airport, has also built a brand new integrated terminal T3 which was commissioned in time for the Commonwealth Games in October 2010. It has also upgraded and is operating the Istanbul Sabiha Gn International Airport.

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