GMR Infra rallies after buzz of favourable SC order

GMR Infrastructure rallied 15.85% to Rs 19 at 14:05 IST on BSE after report suggested that Supreme Court upheld an order by the Delhi High Court allowing it to use land at Delhi airport for non-aviation or commercial purposes.

Meanwhile, the S&P BSE Sensex was up 99.71 points, or 0.31% to 31,871.54.

High volumes were witnessed on the counter. On the BSE, 1.48 crore shares were traded in the counter so far, compared with average daily volumes of 53.37 lakh shares in the past one quarter. The stock had hit a high of Rs 19.50 and a low of Rs 16.45 so far during the day. The stock had hit a 52-week high of Rs 22.10 on 22 June 2017. The stock had hit a 52-week low of Rs 10.25 on 9 November 2016.

The stock has jumped 22.58% in three sessions to its ruling price, from a close of Rs 15.50 on 11 August 2017.

The stock had underperformed the market over the past one month till 16 August 2017, falling 8.89% compared with the Sensex's 0.78% decline. The stock had also underperformed the market over the past one quarter, declining 5.75% as against the Sensex's 3.89% rise. The scrip had, however, outperformed the market over the past one year, gaining 26.93% as against the Sensex's 13.21% rise.

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

The Supreme Court reportedly upheld an order by the Delhi High Court which allowed GMR Infrastructure to use land at Delhi airport for non-aviation or commercial purposes. A government policy in 2016 had barred airports from using such land for non-aeronautical purposes.

GMR Infra now holds 54% stake in Delhi International Airport (DIAL). Investors saw this order as a positive move for the company's financials, report added.

On consolidated basis, GMR Infrastructure reported net loss of Rs 136.60 crore in Q1 June 2017 compared with net loss of Rs 235.08 crore in Q1 June 2016. Net sales rose 42.7% to Rs 3107.98 crore in Q1 June 2017 over Q1 June 2016.

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

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