GVK Power firms up on buzz of inauguration of new airport terminal

GVK Power & Infrastructure rose 5.41% to Rs 9.94 at 15:20 IST on BSE on reports the company will inaugurate the newly developed terminal-II at the Mumbai international airport on Friday, 10 January 2014.

Meanwhile, the BSE Sensex was down 14.22 points, or 0.07%, to 20,715.16.

On BSE, so far 50.13 lakh shares were traded in the counter, compared with an average volume of 12.17 lakh shares in the past one quarter.

The stock hit a high of Rs 10.19 and a low of Rs 9.51 so far during the day. The stock hit a record low of Rs 5.52 on 6 August 2013. The stock hit a 52-week high of Rs 15.75 on 9 January 2013.

The stock had outperformed the market over the past one month till 8 January 2014, rising 15.14% compared with the Sensex's 1.27% fall. The scrip had also outperformed the market in past one quarter, rising 27.60% as against Sensex's 3.73% rise.

The small-cap company has an equity capital of Rs 157.92 crore. Face value per share is Re 1.

A consortium headed by the GVK group was awarded the mandate of modernizing, upgrading and expanding Chhatrapati Shivaji International Airport (CSIA) in May 2006.

CSIA handled traffic of 30.03 million passengers and more than 639,063 tonnes of cargo in 2012-13. With the addition of the new integrated terminal-II (T2) and the cargo complex, it will be capable of handling 40 million passengers and 1.50 million metric tonnes of cargo annually.

Media reports suggest that although the T2 is being inaugurated on Friday (10 January 2014), its commercial operations is likely to start in couple of weeks.

On a consolidated basis, GVK Power & Infrastructure reported a net loss of Rs 57.19 crore in Q2 September 2013, higher than the net loss of Rs 43.66 crore in Q2 September 2012. Net sales rose 8.1% to Rs 691.91 crore in Q2 September 2013 over Q2 September 2012.

GVK is a leading Indian conglomerate with presence across energy, resources, airports, transportation, hospitality and life sciences sectors.

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