GMR Airports jumps around 14% to 52-week high of ₹70.22; here’s why

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Shares of GMR Airports Infrastructure Ltd, a listed subsidiary of the holding company GEPL (GMR Enterprises Pvt Ltd), soared around 14 percent in Friday’s trading session to their 52-week high of 70.22 apiece. This comes after 76 crore shares of the company, or 12.6 percent equity, changed hands in large trades.

The shares changed hands in a deal valued at 4,465 crore. Buyers and sellers in the transaction are unclear as of yet, informed media reports.

A global fund and a key investor in Adani Group companies, GQG Partners, is a likely buyer in today’s block deal. Besides GQG, some other long-only funds are also buyers in the transaction. A non-promoter entity is likely to be the seller in this transaction, sources told CNBC-TV18.

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The stock surged as much as 13.9 percent to its 52-week high of 70.22. It has now rallied 95 percent from its 52-week low of 36, hit on January 27, 2023.

It has advanced 43 percent in the last 1 year and almost 77 percent in 2023 YTD. The stock advanced 14 percent in December so far after a 9.5 percent jump in November. Overall, in 2023 YTD, it has given positive returns in 7 of the 12 months so far. It rose the most in August, up 20 percent and shed the most in May, down 11.3 percent.

In the September quarter, the company’s consolidated net loss reduced to 190 crore as against 197 crore in the year-ago period. Its total income surged 25 percent year-on-year to 1,607 crore in the quarter under review on the back of strong growth in traffic. Total passenger traffic during the quarter increased 25 percent YoY to 2.65 crore.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) also grew 34 percent YoY to 848 crore in Q2FY24.

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GMR Airports Infra is one of the country’s largest airport developers and operators with a huge portfolio of assets across energy, transport and urban infra sectors. It operates India’s two largest airports, Delhi and Hyderabad. GMR Airports Infrastructure Limited was incorporated in 1996 and is based in New Delhi, India.

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Published: 08 Dec 2023, 03:13 PM IST

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