- Hot Pursuit
GMR Infra gains after revision of Development Fee at Delhi airport
GMR Infrastructure rose 2.65% to Rs 19.35 at 12:34 IST on BSE after the company said that the lowering of Development Fee at Indira Gandhi International Airport, New Delhi could provide a boost to the Indian aviation sector.
Meanwhile, the BSE Sensex was down 24.84 points or 0.13% at 19,420.
On BSE, 10.48 lakh shares were traded in the counter as against average daily volume of 15.41 lakh shares in the past one quarter.
The stock hit a high of Rs 19.40 and a low of Rs 18.10 so far during the day. The stock had hit a record low of Rs 16.75 on 29 November 2012. The stock had hit a 52-week high of Rs 34.40 on 17 February 2012.
The stock had outperformed the market over the past one month till 28 December 2012, surging 4.72% compared with the Sensex's 3.2% rise. The scrip had, however, underperformed the market in past one quarter, declining 23.84% as against Sensex's 3.64% gain.
The mid-cap company has equity capital of Rs 389.24 crore. Face value per share is Re 1.
GMR Infrastructure during trading hours today, 31 December 2012, said that pursuant to the press note dated 16 October 2012, from the Ministry of Civil Aviation (MoCA), the Airports Economic Regulatory Authority (AERA) reviewed its existing Development Fee (DF) order at Indira Gandhi International (IGI) Airport. Post a thorough consultation process, AERA has issued an order dated 28 December 2012, to reduce the DF rates at IGI Airport to Rs 100 per embarking domestic passenger and Rs 600 per embarking international passenger with effect from 1 January 2013, as against earlier DF rates of Rs 200 per embarking domestic passenger and Rs 1300 per embarking international passenger.
Considering the lower rate of DF, the period of levy has been extended by approximately two years to ensure the amount of DF collected on an NPV basis remains unchanged, GMR Infra said. The levy will be periodically reviewed by AERA considering the changes in interest rate, traffic, etc., GMR Infra said in a statement.
GMR Infrastructure said that as the lower rate of DF is coupled with the extension of time period, it does not impact the total amount of DF collected. Hence there will be no impact on the means of finance, for the completed modernization and expansion project of Delhi airport.
GMR Infrastructure said it welcomes the AERA order and trust that the lowering of DF at IGI airport will enable airlines to reduce the overall travel cost of passengers, thus giving a boost to the Indian Aviation sector.
Delhi International Airport (DIAL) is a joint venture company comprising the GMR Group, Airports Authority of India, Fraport and Malaysia Airports Holdings Berhad. The project being developed by DIAL under Public Private Partnership has been given the mandate to finance, design, build, operate and maintain the Delhi Airport for 30 years with an option to extend it by another 30 years.
GMR Infrastructure reported consolidated net loss of Rs 179.30 crore in Q2 September 2012, higher than net loss of Rs 62.53 crore in Q2 September 2011. Net sales rose 19.7% to Rs 2371.89 crore in Q2 September 2012 over Q2 September 2011.
Bangalore-headquartered GMR Infrastructure is a global infrastructure major with interests in airports, energy, highways and urban infrastructure sectors. It has successfully employed the public-private-partnership model to build a portfolio of high quality assets. The company has 16 power generation assets of which 6 are operational and 10 are under various stages of implementation and 10 road assets, of which 8 are operational and 2 are under construction.
Powered by Capital Market - Live News
Turn your smartphone into a powerful mobile trading platform - Know more!!!
India Infoline Research Team / 10:30, Jul 13, 2015
Tourism Finance Corp (TFCIL), a niche financier of tourism related projects and activities, has witnessed a sharp moderation in loan growth from 32% in FY12 to just 1% in FY14