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Last Updated : Feb 04, 2020 12:41 PM IST | Source: Moneycontrol.com

GMR Infra share price up 2% after signing agreement to operate Bidar Airport

It is expected to start the airport operations in the first week of February 2020 with the operations of one daily flight connecting Bidar with Bangalore.

The airport had been inaugurated almost 6 months ago, but was handling less than 20 flights a day. (Image: Reuters)
The airport had been inaugurated almost 6 months ago, but was handling less than 20 flights a day. (Image: Reuters)
 
 
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Share price of infrastructural company GMR Infrastructure gained over 2 percent intraday on February 4 after the company signed an agreement to operate Bidar Airport.

Under the government's regional connectivity – UDAN Scheme, GMR Hyderabad International Airport Ltd has signed the concession agreement to commission, operationalise and maintain the civilian enclave at the Bidar Airport in North Karnataka. GHIAL is expected to start the airport operations in the first week of February 2020 with the operations of one daily flight connecting Bidar with Bangalore, the capital city of Karnataka, the company said in a filing to the BSE.

"The operationalization of Bidar Airport is a testimony to our commitment to support the Government of India’s flagship Regional Connectivity Scheme. We are very pleased to partner with the Government of Karnataka to support efforts for all-round development Bidar and nearby regions and we are confident that the start of commercial operations at Bidar will provide a boost to the local economy through better connectivity for the people of Bidar and a large number of tourists who visit the area," said SGK Kishore, Executive Director – South, GMR Airports and CEO at GMR Hyderabad International Airport.

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The stock price surged over 49 percent in the last 6 months with the scrip hitting 52-week high on January 16, 2020 after the company said it has decided to increase the transaction size by agreeing to divest 49 percent stake in GMR Airports to TRIL Urban Transport, a subsidiary of Tata Realty and Infrastructure.

It was quoting at Rs 21.95, up Rs 0.45, or 2.09 percent. It has touched an intraday high of Rs 22.00 and an intraday low of Rs 21.45.

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First Published on Feb 4, 2020 12:41 pm
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