GVK Power spikes 17% on reports of winning bid to build Navi Mumbai airport

Shares of GVK Power & Infrastructure rallied to their 52-week highs on news reports that the company has won a bid to build Navi Mumbai International Airport, piping Hyderabad-based GMR Infrastructure.

Reacting to the development, the stock of GVK rose as much as 16.6% to Rs 7.7 on the BSE. 

On the volume front, nearly 64 lakh shares exchanged hands on the counter on the BSE as compared to two-week average of nearly 12 lakh shares. 

Meanwhile, the Exchange has sought clarification from GVK Power & Infrastructure with respect to the same news report. 

Reporterdly, Maharashtra's City and Industrial Development Corporation (Cidco) awarded the contract ] to construct the upcoming Rs 16,000 crore Navi Mumbai airport to GVK after it submitted the highest revenue sharing model of 12.6% per annum, while its sole closest competitor GMR, which managed the New Delhi airport, quoted a figure of 10.44%. 

GVK currently manages the Mumbai International Airport.