GVK Power & Infrastructure was locked at 5% upper circuit at Rs 13.02 at 12:01 IST on BSE after the company led consortium leased a land parcel in Mumbai for commercial development to Oasis Realty for Rs 580 crore.
The announcement was made during market hours today, 26 August 2014.
Meanwhile, the S&P BSE Sensex was up 110.66 points or 0.42% at 26,553.47
On BSE, so far 5.27 lakh shares were traded in the counter with pending buy orders of 5.83 lakh shares at upper circuit. The stock has an average daily volume of 12.78 lakh shares in the past one quarter.
The stock hit a high of Rs 13.02 and a low of Rs 12.40 so far during the day. The stock hit a 52-week low of Rs 6.15 on 28 August 2013. The stock hit a 52-week high of Rs 20.85 on 26 May 2014.
The stock had underperformed the market over the past one month till 26 August 2014, falling 16.5% compared with 1.21% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 30.88% as against Sensex's 6.98% rise.
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The small-cap company has equity capital of Rs 157.92 crore. Face value per share is Re 1.
GVK Power & Infrastructure said that Mumbai International Airport (MIAL), a GVK led consortium announced kick starting of monetisation of commercial real estate by finalising lease of one of the parcel, to Oasis Realty. This parcel will have a potential for commercial development of 1.166 million square feet. This is part of the process of overall commercial development of 22 million square feet in phases over a period of 10 years. This transaction has been finalised at the rate of approx. Rs 106 crore per acre which translates to total of Rs 580 crore for this parcel at the rate of approx. Rs 5000 per square foot of build-up area.
GVK led consortium took over CSI Airport on 3 May 2006 under Operation, Management and Development Agreement (OMDA) executed between GVK led consortium and Airports Authority of India where operation, development, management, designing, construction, upgradation, modernisation and financing of airport is undertaken by GVK under a right of 30+30 years.
Announcing the award of the contract, Dr. GVK Reddy, Executive Chairman, MIAL said, Our vision for GVK SkyCity is to develop a vibrant 24x7 business and leisure hub and a global convention and hospitality destination. It is located in heart of Mumbai, and is well connected to all parts of Mumbai and Mumbai Metropolitan Region
GVK Mumbai International Airport (MIAL) is a Public Private Partnership joint venture between GVK-led consortium and Airports Authority of India (AAI).
GVK Power & Infrastructure reported a consolidated net loss of Rs 281.33 crore in Q1 June 2014, higher than net loss of Rs 30.59 crore in Q1 June 2013. Net sales rose 1.9% to Rs 712.67 crore in Q1 June 2014 over Q1 June 2013.
GVK Power & Infrastructure is a leading Indian conglomerate with presence across energy, resources, airports, transportation, hospitality and life sciences sectors.
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