GVK Power & Infra drops on profit booking

GVK Power & Infrastructure lost 4.29% to Rs 8.70 at 14:09 IST on BSE, with the stock falling on profit booking after recent upmove.

On BSE, so far 10.69 lakh shares were traded in the counter as against average daily volume of 10.99 lakh shares in the past one quarter.

The stock hit a high of Rs 9.14 and a low of Rs 8.62 so far during the day. The stock had hit a 52-week high of Rs 15.75 on 9 January 2013. The stock had hit a record low of Rs 5.52 on 6 August 2013.

The stock had outperformed the market over the past one month till 10 December 2013, rising 15.5% compared with the Sensex's 2.85% rise. The scrip had also outperformed the market in past one quarter, gaining 31.74% as against Sensex's 6.29% rise.

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

Shares of GVK Power & Infrastructure were on a roll recently, gaining 23.51% in five trading days to Rs 9.09 on 10 December 2013 from a recent low of Rs 7.36 on 3 December 2013.

GVK Power & Infrastructure during trading hours on Tuesday, 10 December 2013 said that it has received the Australian Federal government's approval for its Abbot Point Port Capital Dredging programme. This approval will help expedite GVK's mine-rail-port project in Australia, the company said.

Achieving this final environmental approval from the Federal government is a significant milestone towards the development of GVK's Hancock's Terminal 3, or T3, port facilities and Galilee Basin coal assets including the Alpha, Alpha West and Kevin's Corner coal projects, along with the construction of a rail solution to the Abbot Point port in Australia, the company said in a press release.

Together with the previously received clearances for the Alpha mine, the rail to Abbot Point and the EPBC Act approval for the port, GVK Hancock has solidified its leading position in the Galilee basin of Queensland, Australia, the company added.

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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