Shares of this Large-cap Diversified infrastructure company jumped 2.6% on Wednesday’s trade after it signed an agreement with MIHAN India to upgrade Nagpur’s international airport.
Price Action:
Shares of GMR Airports Infrastructure Ltd, with a market capitalization of Rs. 93,901 Crores, rose to Rs. 89.5 per share, from its previous close of Rs. 87.2 apiece.
What Happened:
On October 8, 2024, GMR Airports Infrastructure Ltd signed a Concession Agreement with MIHAN (Multi-Modal international Cargo Hub and Airport at Nagpur) India Ltd to upgrade and operate Nagpur’s Dr. Babasaheb Ambedkar International Airport.
GMR was the highest bidder for the airport in 2019 and received a Letter of Award. However, in March 2020, MIHAN cancelled the bidding process. GMR contested this decision, and in August 2021, the Nagpur Bench of the Bombay High Court ruled in GMR’s favour.
The Supreme Court upheld this ruling in May 2022. After further attempts to challenge the decision were rejected in September 2024, GMR could finally sign the agreement and move forward with their plans.
Financials:
The company reported revenues of Rs. 8,754.5 Crores in FY 2024, up from Rs. 6,693.4 Crores in FY 2023, resulting in 30.8% year-on-year growth, and net losses for the same period lowered from Rs. 839.93 Crores to Rs. 828.89 Crores.
Shareholding Pattern:
As of the June quarter, shareholding pattern the company promoters own 49.88% stake, while Foreign institutional investors own 21.94% of the company, Domestic institutional investors own 4.86% of the company, and the retail investors hold 23.32% stake in the company.
About the Company:
GMR Airports Infrastructure Ltd, one of the largest private airports in India, is a holding company dedicated to funding and developing infrastructure projects through its subsidiaries across multiple sectors, including energy, airports, highways, and urban infrastructure. It operates through various segments, such as Airports, which focuses on the development and
operation of airport facilities; Power, which involves power generation and related services; Roads, which manages roadway development and operations; and EPC (Engineering, Procurement, and Construction), providing comprehensive solutions for infrastructure projects, and urban infrastructure.
Written By Arvind jv
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