GMR Infra heads north after consortium wins airport project

GMR Infrastructure rose 2.37% to Rs 17.25 at 14:30 IST on BSE after the company announced that GMR Group-Megawide consortium emerged as preferred bidder for Clark airport project in Philippines.

The announcement was made after market hours yesterday, 14 December 2017.

Meanwhile, the S&P BSE Sensex was up 258.41 points, or 0.78% to 33,505.11.

On the BSE, 9.65 lakh shares were traded in the counter so far, compared with average daily volumes of 20.45 lakh shares in the past one quarter. The stock had hit a high of Rs 17.65 and a low of Rs 17.05 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 11.04 on 29 December 2016.

 

The stock fell 5.6% over the past one month till 14 December 2017, underperforming the Sensex's 0.93% rise. The scrip had also underperformed the market in past one quarter, dropping 6.39% as against Sensex's 3.12% rise. The scrip had, however, outperformed the market in past one year, jumping 42.92% as against Sensex's 24.97% rise.

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

GMR Group in consortium with Megawide Construction Corporation has emerged as the preferred bidder for Clark International Airport engineering, procurement and construction (EPC) tender having submitted the most competitive financial bid.

Clark airport is being developed by Government of Philippines through a hybrid model with EPC and operation & maintenance (O&M) tenders being issued separately.

The EPC project scope involves design, construction, testing and commissioning of new terminal with a capacity of eight million passengers per annum. The consortium will construct the integrated terminal along with specified landside facilities such as car parks. The consortium expects to receive the notice of award within one week.

This is the second airport project which GMR Group will be developing in Philippines along with Megawide Construction Corporation, with the consortium already operating the Mactan Cebu International airport, the second largest airport of Philippines which handles 10 million passengers annually.

GMR Infrastructure reported consolidated net loss of Rs 404.46 crore in Q2 September 2017 compared with net loss of Rs 893.37 crore in Q2 September 2016. Consolidated net sales fell 13.2% to Rs 1822.38 crore in Q2 September 2017 over Q2 September 2016.

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

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