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The shares of GVK Power & Infrastructure Limited gained by 5 per cent during the day to close at Rs 14.82, hitting the upper circuit and closing up 5 per cent at BSE.
The scrip seems to have gained on the news flow of the Maharashtra Cabinet approving the GVK bid for the Rs 16,000 crore Navi Mumbai airport project.
It may be recalled the project Monitoring Committee had earlier approved the Mumbai International Airport Limited, the GVK group entity's, bid for the airport project and forwarded its proposal to the Maharashtra Government for approval. The Cabinet, which met today, is learnt to have approved the GVK bid, which the market has taken positively.
The much delayed Navi Mumbai airport has a number of challenges before the project gets executed. However, the diversified infrastructure company is one step closer to the award of the contract once it secures letter of intent (LoI) from the Government.
Meanwhile, some of the pre-project works on the greenfield airport project have been contracted and works are at various stages. This includes diversion of waterway, removing a rock, rehabilitation of people from three villages and reclamation of land.
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