GVK Power gains after acquiring 100% stake in GVK Airport Services

GVK Power & Infrastructure advanced 5.54% to Rs 8 at 11:29 IST on BSE after the company acquired 100% stake in GVK Airport Services on 4 June 2015.

The announcement was made after market hours yesterday, 4 June 2015.

Meanwhile, the S&P BSE Sensex was down 24.34 points or 0.09% at 26,789.08

On BSE, so far 5.82 lakh shares were traded in the counter as against average daily volume of 8.42 lakh shares in the past one quarter.

The stock hit a high of Rs 8.07 and a low of Rs 7.60 so far during the day. The stock hit a 52-week high of Rs 20.70 on 9 June 2014. The stock hit a 52-week low of Rs 7.28 on 3 June 2015.

The stock had underperformed the market over the past one month till 4 June 2015, dropping 14.35% compared with 2.46% decline in the Sensex. The scrip had also underperformed the market in past one quarter, declining 21.53% as against Sensex's 8.74% fall.

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

GVK Power & Infrastructure said that the company has acquired 100% equity share capital of GVK Airport Services yesterday, 4 June 2015 (10,000 equity shares of Rs 10 each). As a result, GVK Airport Services has become a wholly owned subsidiary of the company, GVK Power & Infrastructure said.

On consolidated basis, GVK Power & Infrastructure reported net loss of Rs 108.66 crore in Q4 March 2015, lower than net loss of Rs 235.46 crore in Q4 March 2014. Net sales rose 21.9% to Rs 846.30 crore in Q4 March 2015 over Q4 March 2014.

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

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