GMR Infrastructure rose 4.13% to Rs 17.65 at 11:49 IST on BSE on reports the company's joint venture with Megawide Construction made an offer to upgrade Mactan Cebu International Airport in Philippines.
Meanwhile, the S&P BSE Sensex was down 127.62 points, or 0.41% to 31,134.44.On the BSE, 52.57 lakh shares were traded in the counter so far, compared with average daily volumes of 25.34 lakh shares in the past one quarter. The stock had hit a high of Rs 18.05 and a low of Rs 16.70 so far during the day. The stock hit a 52-week high of Rs 19 on 2 June 2017. The stock hit a 52-week low of Rs 10.25 on 9 November 2016.
The stock had underperformed the market over the past one month till 9 June 2017, rising 1.50% compared with 3.34% rise in the Sensex. The scrip had, underperformed the market in past one quarter, rising 6.60% as against Sensex's 8% rise. The scrip had also underperformed the market in past one year, rising 40.20% as against Sensex's 17.37% rise.
The large-cap company has equity capital of Rs 603.59 crore. Face value per share is Re 1.
According to reports, the joint venture between GMR Infrastructure and Philippines-based Megawide Construction, which runs the Mactan Cebu International Airport (MCIA), submitted a massive unsolicited offer to build a second runway and a third passenger terminal in Cebu.
The unsolicited offer by the joint venture, which would eventually require a competitive challenge, was submitted on 7 June 2017. A key feature of the proposal would also allow GMR-Megawide to assume airside operations currently handled by the nation's government, a first of this scale in the Philippines, reports suggested.
Assuming the offer is accepted by the government, the rehabilitation of existing facilities will be done from 2018 to 2021. The reclamation and construction of the second runway is targeted between 2022 and 2030. The final phase will be the construction of a third terminal slated for 2036 onward, reports added.
GMR Infrastructure reported net loss of Rs 2478.78 crore in Q4 March 2017 as against net loss of Rs 1787.09 crore in Q4 March 2016. Net sales rose 57.53% to Rs 176.98 crore in Q4 March 2017 over Q4 March 2016.
GMR Group is a leading global infrastructure conglomerate with interests in airport, energy, transportation and urban infrastructure.
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