GMR Airports Share Price Hits Upper Circuit, Trades At New 52-Week High On Fresh Investment By GQG Partners

After the bulk deals that happened in GMR Airports Infrastructure, the stock closed 12.07% higher at Rs 69.15 per share on NSE on Friday, the highest level since June 2009. On Friday, the share price of GMR Airports Infrastructure traded at a new 52-week High value of 70.22 on BSE, besides the GMR Airports Infrastructure share price also touched the upper circuit of Rs. 67.82 on the same day.

GQG Partners Emerging Markets Equity Fund, and Goldman Sachs Trust II via Goldman Sachs GQG Partners International Opportunities Fund purchased 28.29 crore equity shares, equivalent to 4.7% of paid-up equity in GMR Airports at an average price of Rs 59.09 per share, amounting to Rs 1.671.55 crore.

Rajiv Jain-owned GQG Partners is the same Florida-based investment management firm that had early made a significant investment in Adani stock at a time when shares of Gautam Adani firm were facing a lot of turbulence in the wake of the Hindenburg Research report.

Other firms that purchased shares in GMR Airports were Nomura India Investment Fund Mother Fund which bought 6.25 crore equity shares equivalent 1 percent stake in GMR, and Stichting Depositary APG Emerging Markets Equity Pool picked 3.4 crore shares (0.56% stake) in GMR at an average price of Rs 58.20 per share.

The companies that exited GMR include foreign portfolio investors A/D Investors Fund LP (sold 7.56 crore shares at an average price of Rs 58.20 per share), ASN Investments (sold entire 43.9 crore shares at an average price of Rs 58.21 per share), and Varanium India Opportunity (sold 13.9 crore shares at an average price of Rs 58.47 per share), respectively. Deccan Value Investors Fund LP sold 5.6 crore shares equivalent to 0.93% stake in GMR at an average price of Rs 58.20 per share.

GMR Airports Stock price performance:

The share price of GMR Airports Infrastructure Ltd has gained 57.28% in the last one year, in this year so far the stock has gained 69.06%. The stock's last two years and last three years performance is up 69.89% and 173.26% respectively. In the last six months, GMR Airports shares have gained 63.79%.

About GMR Airports:

GMR Airports is the largest private airport operator in Asia and 2nd largest in the world with a passenger handling capacity of over 189 million annually. GMR Airports Limited, a subsidiary of GMR Airports Infrastructure Limited [formerly known as GMR Infrastructure Limited] (GIL) has Groupe ADP as its strategic partner, which holds a 49% stake.

GMR Airports operates the iconic Delhi Airport, which is the largest and fastest-growing airport in India. It also runs Hyderabad Airport, a pioneering greenfield airport known for several technological innovations. The company also operates Manohar International Airport, Goa (Mopa), which is India's first destination Airport. The airport offers everything a tourist looks for i.e. liveliness in the serene lap of nature, making it a perfect destination for leisure and holistic tourism

Financials:

In Q2FY24, The company's total income surged 25% on-year to Rs 1,607 crore on the back of strong growth in traffic.

The company's Earnings before interest, tax, depreciation, and amortization (EBITDA) rose 34%, year-on-year (YoY), to Rs 848 crore in Q2 FY24.

The company commands a market capitalization of Rs 41,581.63 crore on BSE.