GMR Infrastructure rose 1.51% to Rs 23.60 at 10:25 IST on BSE after the company said that its consortium with Megawide has been formally awarded the Mactan-Cebu International Airport rehabilitation, expansion and operation project.
The announcement was made on Saturday, 5 April 2014.
Meanwhile, the S&P BSE Sensex was up 7.42 points or 0.03% at 22,366.92.
On BSE, so far 1.24 lakh shares were traded in the counter as against average daily volume of 4.29 lakh shares in the past one quarter.
The stock hit a high of Rs 24.80 and a low of Rs 23.40 so far during the day. The stock had hit a 52-week high of Rs 25.35 on 1 January 2014. The stock had hit a 52-week low of Rs 10.65 on 6 August 2013.
The stock had outperformed the market over the past one month till 4 April 2014, surging 11.51% compared with the Sensex's 5.42% rise. The scrip had, however, underperformed the market in past one quarter, sliding 1.9% as against Sensex's 7.23% rise.
The mid-cap company has equity capital of Rs 389.24 crore. Face value per share is Re 1.
GMR Infrastructure (GMR) said that the Department of Transportation and Communications (DOTC), Republic of the Philippines has formally awarded the Mactan-Cebu International Airport rehabilitation, expansion and operation project to the GMR-Megawide Consortium for a 25-year concession period.
In the international competitive bidding process, GMR-Megawide Consortium had emerged as the highest bidder after offering a bid premium of 14.4 billion Philippine Pesos (approximately $320 million).
Commenting on the award, Mr. G.M. Rao, Chairman, GMR Infrastructure said, "We are delighted to be awarded the Mactan-Cebu International Airport project. We firmly believe that GMR-Megawide Consortium has the right credentials and capabilities to undertake this prestigious project and deliver an airport that Cebuanos and Filipinos will be proud of".
GMR Infrastructure and Megawide Construction will combine their expertise and track record to transform the Mactan-Cebu International Airport into a world-class facility, GMR said in a statement.
Mr. Rao further added, "GMR has redefined the standards and quality of infrastructure, services and customer deliverables at key airports such as New Delhi, Hyderabad and Istanbul Sabiha Gocken. We have vast experience across the entire spectrum of airport development and operations. We believe that our strategic plan for Mactan Cebu Airport will result in the delivery of a very efficient, passenger-oriented and commercially sustainable airport. We believe in inclusive growth and through Foundation we will contribute significantly towards the social and economic development of the Cebu".
GMR-Megawide Consortium plans to develop the Mactan-Cebu International Airport into a regional hub in the Philippines, creating passenger and cargo traffic growth, jobs for local community, giving a boost to the tourism traffic and creating multiplier economic benefits for the region, GMR said in a statement.
GMR Infrastructure reported a consolidated net loss of Rs 441.09 crore in Q3 December 2013, higher than net loss of Rs 217.45 crore in Q3 December 2012. Net sales rose 11.4% to Rs 2625.04 crore in Q3 December 2013 over Q3 December 2012.
GMR Infrastructure is a global infrastructure major with interests in airports, energy, highways and urban infrastructure sectors.
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