Shares of GMR Infrastructure today rose by over 3 per cent as the company signed a MoU with Japan Bank for International Cooperation (JBIC) for providing financial assistance to Japanese companies investing in infrastructure projects of GMR Group.
GMR Infra's scrip ended 3.50 per cent higher at Rs 26.65 on the BSE. In intra-day session, it gained 4 per cent to Rs 26.80.
At the NSE, the stock rose by 3.10 per cent to end the day at Rs 26.60.
In terms of volume, 28.42 lakh shares of the company changed hands at the BSE, while over two crore shares were traded at the NSE during the day.
During the course of the state visit of Prime Minister Narendra Modi to Japan, GMR signed the MoU, a statement from the company said.
The objective of the MoU is to provide low cost-long duration financing for infrastructure development projects that involve Japanese companies in development of industrial parks, power, energy, ports, airports, highways and railway projects, it said.
Through this MoU, JBIC intends to promote opportunities for Japanese companies to participate in infrastructure projects and this will serve to improve infrastructure in India and support development of the necessary foundation for Japanese companies' business activities in India.
