GVK Power gains by nearly 5%

India Infoline News Service | Mumbai | October 23, 2017 11:47 IST

GVK Power gets approval for bid of Navi Mumbai Greenfield Airport; stocks surge post the announcement.

In the trading hours of Monday, shares of GVK Power soared and were locked in 5% upper circuit. The share price was locked at Rs 14.05 after it crossed its 3-year high. The spike may be a result of the approval of Rs 160 billion bid for Navi Mumbai Greenfield airport project, as per the reports of Project Monitoring and Implementation Committee.

As per the reports of the committee, which were filed last Wednesday, the bid was made by GVK power, led by Mumbai International Airport. The company had developed the existing airport in  Mumbai.

The company now awaits approval from the government. Reports say that the approval may come by early November. 

GVK Power & Infrastructure Ltd is currently trading at Rs 14.12, up by Rs 0.67 or 4.98% from its previous closing of Rs 13.45 on the BSE.
The scrip opened at Rs 14.08 and has touched a high and low of Rs 14.12 and Rs 13.8 respectively. So far 32.64 lakh shares were traded on the counter. The stock is currently trading above its 50 DMA.

***Note: This is a NSE Chart



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