GMR Infra corrects on sale for profit

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GMR Infrastructure fell 1% to Rs 46.68 on the profit sell after recent strong gains.

Shares of GMR Infrastructure have jumped 10.55% over the past three sessions.

So far in 2021, the stock has climbed 70.26% while the benchmark Sensex has gained 21.30% over the same period.

Technically, the stock’s RSI (Relative Strength Index) was 57.53. The RSI fluctuates between zero and 100. Traditionally, the RSI is considered overbought when it is above 70 and oversold when it is below 30.

The stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 44.59, 43.10 and 42.08, respectively.

On a consolidated basis, GMR Infrastructure recorded a net loss of Rs 169.21 crore in Q2 September 2021 compared to a net loss of Rs 750.03 crore in Q2 September 2020. Net sales increased by 49.4% to Rs 1,791.32 crore in Q2 September 2021 compared to Q2 September 2020.

GMR Infrastructure is a leading global infrastructure conglomerate with interests in airport, energy, transportation and urban infrastructure.

GMR Airports Netherlands BV, a subsidiary of GMR Airports (GAL), signed on December 23, 2021 the Shareholders’ Agreement (SHA) and the Share Subscription Agreement (SSA) with Angkasa Pura II (AP II) for the development and the operation of Kualanamu International Airport (project) in Medan, Indonesia.

AP II is the public company and contracting authority for Kualanamu International Airport.

With the signing of the agreements, GMR entered into a 49/51 partnership with AP II. The consortium will transform Kualanamu International Airport into Indonesia’s western international hub. The scope of the project includes the operation, development and expansion of the airport over a period of 25 years. Kualanamu International Airport is an operating airport with healthy cash flow.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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