GMR Airports Infra shares jump 14% to hit one-year high amid heavy volumes

GMR Airports Infrastructure Ltd shares rose sharply in Friday's trading session to scale their one-year high level. The stock surged 13.80 per cent to hit a 52-week high of Rs 70.17. At this price, the scrip has gained 94.92 per cent from its one-year low of Rs 36, a level seen earlier on January 27 this year.

The stock saw heavy trading volumes today as around 77.07 crore shares were last seen changing hands. The figure was way more than the two-week average volume of 14.96 lakh shares. Turnover on the counter came at Rs 4,513.38 crore, commanding a market capitalisation (m-cap) of Rs 42,088.65 crore. There were 1,38,01,201 buy orders today against sell orders of 6,63,597 shares.

The company's consolidated net loss reduced to Rs 190 crore in the July-September quarter (Q2 FY24) as against Rs 197 crore in the year-ago period. GMR Airports' total income surged 25 percent on-year to Rs 1,607 crore in Q2 FY24 on the back of strong growth in traffic.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) grew 34 per cent, year-on-year (YoY), to Rs 848 crore in Q2 FY24.

GMR Airports Infra is one of the country's largest airport developers and operators with a huge portfolio of assets across energy, transport and urban infra sectors. It operates India's two largest airports, Delhi and Hyderabad.

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The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-, 200-day simple moving averages (SMAs). The stock's 14-day relative strength index (RSI) came at 79.90. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 495.57 against a price-to-book (P/B) value of 1.57.

The scrip has an analyst target price of Rs 59, Trendlyne data showed, suggesting a potential downside of 14 per cent in a year.

As of September 2023, promoters held 59.07 per cent stake in the company.

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