GVK Power narrows Q3 loss to Rs 0.71 cr, revenue rises 4%
According to media reports, GVK that operates the airport in financial capital Mumbai has won a bid to develop the Rs 16,000 crore Navi Mumbai airport.
GVK Power & Infrastructure has narrowed net loss to Rs 0.71 crore in the quarter ended December 2016, from Rs 6.8 crore in corresponding period of last year, driven by other income and lower finance cost.
Total income from operations during the quarter increased 4.4 percent to Rs 7.12 crore compared with Rs 6.83 crore in same quarter previous fiscal.
Other income rose to Rs 11.30 crore from Rs 10.09 crore while finance cost declined to Rs 11.24 crore from Rs 12.49 crore on year-on-year basis.
Meanwhile, according to media reports, GVK that operates the airport in financial capital Mumbai has won a bid to develop the Rs 16,000 crore Navi Mumbai airport.
The new airport, first proposed in 1997 and approved by the government in 2007 is expected to be operational in 2019.
At 13:37 hours IST, the stock was quoting at Rs 7.32, up Rs 0.72, or 10.91 percent after hitting a 52-week high of Rs 7.70 intraday on the BSE.