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GVK Power hits the roof

Capital Market 

Power & Infrastructure hit an upper circuit limit of 5% at Rs 10.05 at 14:35 IST on after the company announced the financial closure for construction of the first phase of the International Airport.

The announcement was made on Saturday, 7 July 2018.

Meanwhile, the Sensex was up 304.26 points, or 0.85% to 35,962.12.

On the BSE, 2.08 lakh shares were traded in the counter so far compared with average daily volumes of 4.66 lakh shares in the past one quarter. The stock had hit a low of Rs 10 in intraday trade. The stock hit a 52-week high of Rs 27.85 on 16 January 2018. The stock hit a 52-week low of Rs 7.25 on 13 July 2017.

Power & Infrastructure announced that International Airport (NMIAL), a special purpose vehicle, which is a step down subsidiary of the company, has achieved the financial closure on 7 July 2018 for construction of first phase of airport project.

will be the lead and mandate lead arranger for Phase I and Phase II of NMIAL project. The concession agreement for this project was signed earlier on 8 January 2018 with of (CIDCO), the nodal agency of the Government of for implementation of the Project.

Further, NMIAL announced 7 July 2018 as the appointed date in terms of the concession agreement signed with CIDCO.

Power & Infrastructure reported net profit of Rs 23.14 crore in Q4 March 2018 as against net loss of Rs 205.85 crore in Q4 March 2017. Net sales declined 55.92% to Rs 3.13 crore in Q4 March 2018 over Q4 March 2017.

GVK is a leading Indian conglomerate with diversified interests across various sectors including energy, resources, airports, transportation, hospitality and life sciences.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 09 2018. 14:45 IST