GMR Infra gains 19% after SC nod for commercial use of Delhi airport land

Investors in GMR Infra had a field day as the stock gained nearly 19 percent intraday on Thursday after a Supreme Court ruled a case in its favour.

The apex court upheld an order by the Delhi High Court which allowed the company to use land at Delhi airport for non-aviation or commercial purposes. A government policy in 2016 had barred airports from using such land for non-aeronautical purposes.

It must be noted that GMR Infra now holds 54 percent stake in Delhi International Airport (DIAL). Investors saw this order as a positive move for the company’s financials.

The string of good news for the company continued. Earlier this week, its June quarter performance revealed that its loss had narrowed by 44 percent to Rs 107 crore during the first quarter ended June 30, 2017.

The company's total comprehensive loss during the April- June quarter of preceding fiscal stood at Rs 190 crore.

"Its gross revenues from continuing operations for first quarter of FY18 improved by 41 percent to Rs 3,159 crore as against Rs 2,239 crore in April-June of FY17," GMR said in a statement.

In the past one month, the stock has gained nearly 3 percent, while its three-day gain stood at 20 percent. At 13:07 hrs GMR Infrastructure was quoting at Rs 18.55, up Rs 2.15, or 13.11 percent on the BSE. It touched an intraday high of Rs 19.50 and an intraday low of Rs 16.45.