GMR Infra jumps after winning contract for Goa's greenfield airport project

GMR Infrastructure rose 4.13% to Rs 13.63 at 9:20 IST on BSE after the company said that its subsidiary won the international competitive bid for development and operation of a greenfield airport at Mopa village in north Goa.

The announcement was made after trading hours on Friday, 26 August 2016.

Meanwhile, the BSE Sensex was down 36.46 points, or 0.13%, to 27,745.79.

On BSE, so far 6.86 lakh shares were traded in the counter, compared with average daily volume of 20.68 lakh shares in the past one quarter. The stock hit a high of Rs 14.30 and a low of Rs 13.57 so far during the day. The stock hit a 52-week high of Rs 18.60 on 3 December 2015. The stock hit a record low of Rs 9.58 on 4 September 2015. The stock had underperformed the market over the past 30 days till 26 August 2016, falling 10.40% compared with 1.51% slide in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 14.42% as against Sensex's 4.23% rise.

The mid-cap company has equity capital of Rs 603.59 crore. Face value per share is Re 1.

GMR Infrastructure said that its subsidiary GMR Airports (GAL) has won the international competitive bid for development and operation of a greenfield airport at Mopa village in north Goa. The concession period for the project is 40 years with a possible extension of another 20 years through a bid process. The airport will be built under the BOT (Build Operate Transfer) model. GMR won the bid through a closely contested competitive bid process. The letter of award for the project is expected to be issued within 60 days. The signing of concession agreement will be done within 45 days from the date of issuance of award letter. The regulatory regime for the concession will be hybrid till with 30% cross subsidy. The concession offers 232 acres of land for commercial city side development for a period of 60 years.

GMR Infrastructure's consolidated net loss stood at Rs 953.50 crore in Q4 March 2016, higher than consolidated net loss of Rs 891.90 crore in Q4 March 2015. Net sales rose 29.1% to Rs 3708.37 crore in Q4 March 2016 over Q4 March 2015.

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

Powered by Capital Market - Live News