Shares of GMR Airports Infrastructure Ltd. surged nearly 2 percent in intraday trade to hit a new 52-week high of Rs 45.1 per piece on the BSE before ending flat on Thursday.
The GMR Airports Infrastructure stock has gained more than 16 percent in the past year. At the latest 52-week high, the stock has surged 42.27 percent from its last 52-week low of Rs 31.7 per share reached on May 12, 2022.
Earlier this month, Kotak Institutional Equities initiated a ‘Buy’ coverage on GMR Infra with a target price of Rs 45 per share. In less than 20 days, the construction stock has hit the brokerage firm’s target price.
Last month, GMR Airports Infrastructure announced a Composite Scheme of Amalgamation and Arrangement of subsidiary GMR Airports with GMR Airports Infrastructure, and on completion of the merger, GMR Airports Infra shall continue as a listed public entity.
The Chief Financial Officer of GMR Group, Saurabh Chawla, confirmed to CNBC-TV18 that the merger of the group entities involved a 51 percent subsidiary that operated airports.
“This is not a restructuring of GMR Infrastructure Limited (GIL). It is merely a merger of the 51 percent subsidiary of GIL, which is an unlisted entity in which group ADP holds 49 percent,” Chawla said.
In the December quarter, GMR Airports Infrastructure, earlier known as GMR Infra Ltd., posted a net profit of Rs 191.4 crore compared to a net loss of Rs 626.3 crore in the year-ago period, while the company’s EBITDA margin declined to 30 percent in the quarter from 26 percent in the same period last year.
(Edited by : Rukmani Krishna)
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