Holiday Boom! GMR Airports Celebrates Traffic Surge with Stock Jump

17 Jan 2024 , 01:00 AM

The company reported a 15% increase in passenger traffic in December, which led to a 1% increase in shares of GMR Airports Infrastructure in early trade on January 17.

In December 2023, 10.98 million passengers travelled through the company’s airports in the Philippines, Indonesia, Delhi, Hyderabad, and Goa. This represented a 10.5% increase month over month, driven mostly by holiday traffic.

In all, 68,095 aircraft movements were seen during the month, representing an increase of 8.3% from the previous year and 6.2% from November 2023.

GMR Airports reported in a filing with the bourses that the airport traffic in Delhi is still increasing, with the company managing the greatest monthly traffic of 6.6 million people. Over 54.5 million passengers have passed through the company’s airports thus far in FY24.

Exchange information states that the deal’s total value was Rs 1,671 crore. Recently, the company was also acquired by Nomura India Investment Fund and Stichting Depositary APG Emerging Markets Equity Pool. As of September 2023, FII owned about 28.01% of the stock, while promoter ownership accounted for 59% of the total.

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