GVK Power Gains Over 2% As Board Approves Stake Sale In Bangalore International Airport

GVK Power & Infrastructure was trading higher by 2.19% at Rs 6.07 at 1019 hours on BSE. The benchmark indices in the market were trading almost flat on Monday. Nifty was trading higher by 9 points at 9662 and Sensex was trading lower by 2 points at 31275 levels. The company recently reported that its board have approved selling its remaining 10% stake in Bangalore International Airport to Fairfax India Holdings Corporation for Rs 1290 crore.

The announcement was made after market hours on Friday, 2 June 2017. GVK is a leading Indian conglomerate with diversified interests across various sectors including energy, resources, airports, transportation, hospitality and life sciences.GVK Power & Infrastructure has posted a net loss of Rs 205.85 Cr for Q4FY17 which is higher than a net loss of Rs 105.59 crore in the same period of previous year. Net sales increased by 4.1% to Rs 7.10 Cr in Q4FY17 versus Q4FY16.

GVK Power & Infrastructure Ltd is currently trading at Rs 6.05, up by Rs 0.11 or 1.85% from its previous closing of Rs 5.94 on the BSE.The scrip opened at Rs 6.2 and has touched a high and low of Rs 6.3 and Rs 6 respectively. So far 2476555(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 938.04 crore.

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About Suhani Varma