gmr airport infrastructure stock price: GQG Partners bets Rs 1,672 crore on GMR Airports and acquires 4.7% stake.
GQG Partners Emerging Markets Fund bought 92,636,787 shares and Goldman Sachs GQG Partners International Opportunities Fund bought 19,02,45,637 shares, according to bulk trading data. The cumulative share of purchased stocks is 4.7%.
The stock was purchased at Rs 59.09, a 4% discount from the previous closing price of the stock. GQG Partners has investments in various companies of the ADani group, including Adani Enterprises, which operates the Mumbai International Airport in addition to GMR Airports in the transport infrastructure sector.
Strong buying sent shares of the GMR group company soaring in trading on Friday, hitting a 14-year high. The stock hit an intraday high of Rs 70.40, its highest since June 2009. The stock closed nearly 12 per cent higher at Rs 68.89 on the BSE, with volume of over 862 million shares trading significantly above the three-month average.
To date, GMR Airports’ stock has delivered investors a return of more than 73%. The stock price rose more than 190% in three years. According to Trendlyne’s shareholding structure, as of the end of September, foreign institutional investors’ shares were 28% and mutual funds’ shares were about 1.3%.
During the September quarter, GMR Airport Infrastructure reported a consolidated net loss of Rs 190 crore compared to Rs 197 crore a year ago. Sales for the quarter rose 25% to ₹1.607 trillion.
(Subscribe to ETMarkets WhatsApp channel)
(Disclaimer: Recommendations, suggestions, views and opinions provided by experts are their own. They do not represent the views of The Economic Newspaper.)