Indian stock markets ended flat on Thursday in a range bound trade. Meanwhile, one midcap stock, GMR Infrastructure rose as much as 18.9% to the day’s high of Rs 19.5 after the Supreme Court endorsed Delhi High Court’s, which allows the infrastructure company to use the land at Delhi airport for non-aviation or commercial purposes.
The benchmark Sensex shuttled between 31,937.51 – 31,714.1 points and closed 0.08% up at 31,795.46 points while the broader Nifty 50 settled 0.07% higher above 9,900- level at 9,904.15 points. GMR Infrastructure stock witnessed highest volumes on Thursday since 2 June 2017. On NSE, more than 15 crore shares were traded in the counter.
However, the government policy which came in 2016 had banned the airports from using such land for aviation purposes. GMR Infrastructure holds 54% stake in Delhi International Airport (DIAL). The stock of GMR Infrastructure which is a constituent of BSE has gained 20% in the last three trading sessions from the Friday’s close of Rs 15.5 on 11 August 2017.
Recently, on Sunday last week, GMR Infrastructure posted a 44% decline in loss for the first quarter ended June at Rs 107 crore, versus to the total comprehensive loss of Rs 190 crore in the same quarter of the preceding fiscal. During the April-June quarter, GMR Airports had emerged as the successful bidder to develop, operate and manage the new international airport in Greece. GMR has partnered with Greek Infrastructure major Terna SA for the project.
GMR Infrastructure has a 168 acres (approx) of land which was not in use for commercial purposes earlier but now the Supreme Court has paved the way to use and monetize the land.
GMR Group is a Bengaluru based global infrastructure conglomerate with business interests in airport, energy, transportation and urban infrastructure. GMR Group currently owns and operates Delhi International Airport and Hyderabad International Airports. The group is developing Goa’s greenfield airport.