GMR Airports stock surges 14% in 2 days after GQG Partners buys 5% stake

GMR Airports Infrastructure share price surged almost 14 percent in the last two days. The stock was trading at Rs 70.30 per share on NSE, up Rs 1.40 or 2.03 percent.

As of 09:39 AM, volumes of the stock surged and were trading at 4,85,40,373 number of shares.

The stock price has been in focus after GQG Partners on December 8 bought close to 5 percent stake in GMR Airports Infrastructure. It was a deal worth Rs 1,672 crore through the open market.

GQG Partners Emerging Markets Fund bought 92,636,787 shares. Goldman Sachs GQG Partners International Opportunities Fund bought 19,02,45,637 shares, according to bulk deals data. The shares purchased represent a cumulative stake of 4.7 percent.

Stock Market News on December 11, 2023

The strong buying drove shares of the GMR Group company sharply higher in trade on December 8 to hit the highest levels in over 14 years.

For the September quarter, GMR Airports Infrastructure reported a consolidated net loss of Rs 190 crore, against Rs 197 crore a year ago. Also, the company’s revenue during the quarter rose 25 percent to Rs 1,607 crore.

Foreign institutional investors held 28 percent stake in the company as of September end. Mutual funds about 1.3 percent stake.

Also, GMR Visakhapatnam International Airport, the company that has the concession to build and operate the greenfield Bhogapuram International Airport, has executed the financing agreement led by India Infrastructure Finance Company.

The company’s step-down subsidiary, has raised Rs 3,125 crore from a consortium of five lenders.

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