The Hindu Business Line : GMR Infra: Mop-up seen at low levels

Some investors are understood to have used Friday’s corrective session to mop up GMR Infra shares as market talk over opening of a new revenue window from its Delhi airport project gained ground. Sources suggested that its indirect subsidiary Delhi Aeropolis P Ltd (subsidiary of the main project venture DIAL – Delhi Internatrional Airport (P) Ltd) has received overwhelming response for building various categories of hotels on a portion of land adjoining the airport being built by GMR Infra.

The stock, after opening strong and scaling closer to its all-time high, finished at Rs 870, down 6 per cent as 11 lakh shares changed hands on the BSE and 30 lakh shares on the NSE. However, in the past month’s perspective, it still remained a gainer by over 24 per cent.

A company official confirmed to Business Line on Friday that some 50 EOIs have been received for the hospitality projects on 39 acres of land, out of the 250 acres available for commercial development. As a part of the airport proje ct on a total land of 5,000 acres, DIAL is allowed to use 5 per cent of the land for commercial purposes for developing passenger/tourist facilities under a 30-year lease term, extendable by another 30 years.

The official said that by August-end, the road map for the hotel project and the list of partners would be finalised. The hotels project could be either though joint ventures, or other income generating arrangements and be ready before the forthcoming Commonwealth Games.

Jayanta Mallick

More Stories on : Stock Markets | Stocks | Ear to the ground

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page