GMR Infrastructure trades jubilantly on the bourses

GMR Infrastructure is currently trading at Rs. 19.25, up by 0.40 points or 2.12% from its previous closing of Rs. 18.85 on the BSE.

The scrip opened at Rs. 19.00 and has touched a high and low of Rs. 19.35 and Rs. 18.10 respectively. So far 1003763 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 34.40 on 17-Feb-2012 and a 52 week low of Rs. 16.75 on 29-Nov-2012.

Last one week high and low of the scrip stood at Rs. 18.95 and Rs. 18.25 respectively. The current market cap of the company is Rs. 7492.94 crore.

The promoters holding in the company stood at 71.62% while Institutions and Non-Institutions held 18.87% and 9.52% respectively.

GMR Infrastructure has revised the development fee (DF) which is being levied at Indira Gandhi International Airport (IGI), New Delhi at Rs 200 per embarking domestic passenger and Rs 1,300 per embarking international passenger. The company has taken this step pursuant to the approvals from Ministry of Civil Aviation (MoCA)/Airports Economic Regulatory Authority (AERA) and also as ratified by the Supreme Court.

AERA has reviewed its existing DF order at IGI Airport. Post a thorough consultation process, AERA has issued an order dated December 28, 2012, to reduce the development fee rates at IGI Airport to Rs 100 per embarking domestic passenger and Rs 600 per embarking international passenger with effect from January 01, 2013 and to continue till tentatively determined as April 2016.

Besides, the lower rate of development fee, the period of levy has been extended by approximately two years to ensure the amount of development fee collected on an NPV basis remains unchanged. The levy will be periodically reviewed by AERA considering the changes in interest rate, traffic, etc. As the lower rate of development fee is coupled with the extension of time period, it will not impact the total amount of development fee collected. Hence there will be no impact on the means of finance, for the completed modernization and expansion project of Delhi Airport.

Further, the lower of development fee will enable the airlines to reduce the overall travel cost of passengers thus giving a boast to the Indian Aviation sector.

GMR Infrastructure is a Bangalore headquartered global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure sectors.