GMR Infra gains on emerging as lowest bidder for Freight Corridor project

GMR Infrastructure rose 1.24% to Rs 20.40 at 09:57 IST on BSE after the company led consortium emerged as lowest bidder for eastern dedicated freight corridor project

Meanwhile, the S&P BSE Sensex was up 19.41 points or 0.07% at 28,357.46

On BSE, so far 3.85 lakh shares were traded in the counter as against average daily volume of 28.63 lakh shares in the past one quarter.

The stock hit a high of Rs 20.85 and a low of Rs 20.30 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 17.20 on 30 September 2014.

The mid-cap has an equity capital of Rs 436.13 crore. Face value per share is Re 1.

GMR Infrastructure (GIL) after market hours yesterday, 25 November 2014 said that a GIL led consortium has emerged as lowest bidder in international competitive bidding for two packages of Eastern Dedicated Freight Corridor project involving construction of 417 km long double track railway line from Mughalsarai to New Bhaupur (near Kanpur) on EPC basis. The Eastern Dedicated Freight Corridor extends from Ludhiana to Dankuni near Kolkata. Dedicated Freight Corridor Corporation of India (DFCCIL) received five bids for the project wherein the GIL led consortium quoted a price of Rs 5080 crore. The award of work will be subject to approval by DFCCIL.

As part of Asset Light Asset Right strategy, GMR Group is not required to provide any equity for the project since it is to be implemented on EPC basis. The project is financed by World Bank through DFCCIL. The project is to be completed in 45 months after award. GIL is currently implementing 2 railway projects for Rail Vikas Nigam (RVNL)

GMR Infrastructure reported consolidated net loss of Rs 609.86 crore in Q2 September 2014, higher than net loss of Rs 393.05 crore in Q2 September 2013. Total income rose 9.7% to Rs 2783.22 crore in Q2 September 2014 over Q2 September 2013.

GMR Infrastructure a part of GMR Group is the infrastructure holding company formed to fund the capital requirements of various infrastructure projects across the sectors. It undertakes the development of the infrastructure projects through its various subsidiaries.

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