GMR Infrastructure jumped 7.42% to Rs 30.40 at 11:53 IST on BSE after the company said it has achieved commercial operation of the balance highway of 15 KM of Hungund - Hospet road project on National Highway 13.
The announcement was made during trading hours today, 19 May 2014.
Meanwhile, the S&P BSE Sensex was up 140.71 points or 0.58% at 24,262.45.
On BSE, so far 18.70 lakh shares were traded in the counter as against average daily volume of 12.41 lakh shares in the past one quarter.
The stock hit a high of Rs 30.80 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 28.55 so far during the day. The stock had hit a record low of Rs 10.65 on 6 August 2013.
The stock had outperformed the market over the past one month till 16 May 2014, surging 16.46% compared with the Sensex's 8.28% rise. The scrip had also outperformed the market in past one quarter, jumping 44.76% as against Sensex's 18.44% rise.
The large-cap company has equity capital of Rs 389.24 crore. Face value per share is Re 1.
GMR Infrastructure said that the commencement of commercial operation of the balance highway of Hungund - Hospet road project marks the commencement of collection of toll at Toll Plaza 3; the project has earlier achieved commercial operation of two Toll Plazas during November 2012 and has now completed the balance highway after land clearances.
The project commenced collection of Toll at Toll Plaza 3 with effect from 14 May 2014 and it is expected to generate additional revenue of about Rs 10 lakh per day, GMR Infra said in a statement.
Mr. B.V.N Rao, Business Chairman, Urban Infra & Highways of GMR Group said, "The Project Highway caters to the iron ore mining heavy commercial traffic from Bellary region and also links the local industry with Mangalore and Karwar ports for export. The completion of the project is expected to provide stimulus to the local steel, fertilizer and chemical industries. This project will also boost the tourism to Hampi, Kishkindha, Bellary Fort Badami etc. The corridor shall play a vital role in the economic development of the region".
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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