GVK Power & Infrastructure hit an upper circuit limit of 5% at Rs 10.05 at 14:35 IST on BSE after the company announced the financial closure for construction of the first phase of the Navi Mumbai International Airport.
The announcement was made on Saturday, 7 July 2018.On the BSE, 2.08 lakh shares were traded in the counter so far compared with average daily volumes of 4.66 lakh shares in the past one quarter. The stock had hit a low of Rs 10 in intraday trade. The stock hit a 52-week high of Rs 27.85 on 16 January 2018. The stock hit a 52-week low of Rs 7.25 on 13 July 2017.
GVK Power & Infrastructure announced that Navi Mumbai International Airport (NMIAL), a special purpose vehicle, which is a step down subsidiary of the company, has achieved the financial closure on 7 July 2018 for construction of first phase of Navi Mumbai airport project.
Yes Bank will be the lead bank and mandate lead arranger for Phase I and Phase II of NMIAL project. The concession agreement for this project was signed earlier on 8 January 2018 with of Maharashtra (CIDCO), the nodal agency of the Government of Maharashtra for implementation of the Navi Mumbai International Airport Project.
Further, NMIAL announced 7 July 2018 as the appointed date in terms of the concession agreement signed with CIDCO.
GVK Power & Infrastructure reported net profit of Rs 23.14 crore in Q4 March 2018 as against net loss of Rs 205.85 crore in Q4 March 2017. Net sales declined 55.92% to Rs 3.13 crore in Q4 March 2018 over Q4 March 2017.
GVK is a leading Indian conglomerate with diversified interests across various sectors including energy, resources, airports, transportation, hospitality and life sciences.
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