GMR Infrastructure rose 1.24% to Rs 13.88 at 12:31 IST on BSE after the company's subsidiary signed a MoU with JGC Corporation for co-developing Japanese oriented food processing park at its Kakinada special economic zone.
The announcement was made on Sunday, 11 October 2015.
Meanwhile, the S&P BSE Sensex was down 72.82 points or 0.27% at 27,006.69
On BSE, so far 6.65 lakh shares were traded in the counter as against average daily volume of 12.18 lakh shares in the past one quarter.
The stock hit a high of Rs 14.19 and low of Rs 13.66 so far during the day. The stock had hit 52-week high of Rs 22.76 on 5 May 2014. The stock had hit a record low of Rs 9.58 on 4 September 2015.
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The mid-cap infrastructure company has equity capital of Rs 603.59 crore. Face value per share is Re 1.
GMR Infrastructure's subsidiary Kakinada SEZ (KSEZ) signed a Memorandum of Understanding (MoU) with Japanese major JGC Corporation (JGC) for co-developing Japanese oriented food processing park (park) at its Kakinada special economic zone. The announcement was made on Sunday, 11 October 2015.
JGC and GMR Infrastructure will jointly undertake a detailed study for developing and operating the export oriented food processing park catering to various food and agro processing sectors like sea food, fruits & vegetables, pulses & grains, dairy and spices & nuts. The park is planned to be spread over an area of 300 acres having both value added and ready to eat products.
Various Japanese organizations such as JBIC, JETRO, METI, Ministry of Land Infrastructure & Transport (MLIT) & Ministry of Agriculture Forestry & Fisheries (MAFF), Government of Japan as well as other Japanese financial institutions have expressed their support for this park, the joint press release indicated.
JGC Corporation is a company head quartered in Yokohama, Japan and has a global turnover of around $7 billion. Its business areas are infrastructure, engineering & construction and technology. JGC has been present in India over several decades and their recent investment has been in another Japanese oriented industrial park - One Hub Chennai, in Tamilnadu.
On consolidated basis, GMR Infrastructure reported net loss of Rs 429.45 crore in Q1 June 2015, lower than net loss of Rs 593.20 crore in Q1 June 2014. Total income rose 11.3% to Rs 3113.58 crore in Q1 June 2015 over Q1 June 2014.
GMR group is a leading global infrastructure conglomerate with interests in airport, energy, transportation and urban infrastructure. The group has fifteen power generation projects of which ten are operational and five are under development; nine operating road assets and a double rail track line between Mughalsarai-New Bhaupur (Kanpur) of eastern dedicated freight corridor under development.
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