Monday, May 5, 2008

GMR Infrastructure takes off on nod for airport project

GMR Infrastructure rose 3.03% to Rs 168.50 at 14:34 IST on BSE after reports that the company secured a 20-year license to operate the Sabiha Gokcen International Airport and build and manage an international terminal within that airport.

The stock hit a high of Rs 169.90 and a low of Rs 165 so far during the day. The stock had a 52-week high of Rs 268.70 on 6 December 2007 and a 52-week low of Rs 83.20 on 9 May 2007.

The company’s current equity is Rs 364.13 crore. Face value per share is Rs 10.

The current price of Rs 168.50 discounts its Q3 December 2007 annualised EPS of Rs 0.34, by a PE multiple of 495.58

A new consortium formed by construction company Limak and GMR Infrastructure will look after operations of the terminals for cargo, ground handling services and refuelling facilities at Istanbul’s secondary airport, the Sabiha Gokcen International Airport.

Meanwhile, GMR Infrastructure’s wholly owned subsidiary GMR Energy is also planning to raise Rs 4,000 crore through public offer and private equity placements to fund its expansion programmes in India and overseas.

On 17 April 2008, GMR Infrastructure’s wholly owned subsidiary GMR Energy, acquired 5% stake in Homeland Mining and Energy SA, South Africa for an undisclosed amount. Homeland Mining and Energy SA, South Africa is a subsidiary of Homeland Energy Group, Toronto, Canada. It holds license for several coal-mining projects in South Africa. This acquisition would ensure fuel security for GMR Group's power projects in India.

GMR Energy (GEL) also maintains an option to acquire additional 45% stake in Homeland Mining and Energy SA.

In February 2008, a consortium of GMR Infrastructure bagged a contract from the government of Nepal to build a 300-megawatt hydroelectric project in Nepal.

GMR Infrastructure’s net profit rose 2750.9% to Rs 15.68 crore on 263.8% rise in total income to Rs 23.54 crore in Q3 December 2007 over Q3 December 2006.

GMR Infrastructure's principal activity is to generate, transmit and distribute electrical power. It also develops, maintains and operates airports and roads.

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