GMR Infrastructure shares fall 7 percent

By SiliconIndia   |   Wednesday, April 28, 2010
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Bangalore: The GMR Infrastructure stock had a bad day in the market today after its price went down by nearly seven percent. After opening trade at Rs. 67, the stock touch an intra-day high of Rs. 67.05, before falling by 6.64 percent to close the day at Rs. 63.30. Through the day, 28,60,713 shares of GMR were traded in the market with the current P/E ratio of the stock at 904.29. GMR Infrastructure is a holding company engaged in generation of power, development of expressways, airport infrastructure facilities and special economic zones. It has four segments: power, roads, airport infrastructure and others. The airport business of the company consists of Hyderabad, Delhi and Istanbul airports. The company has three operational power plants, namely the 220 megawatt gross-capacity, naphtha-fired combined cycle Mangalore power plant in Mangalore in the state of Karnataka, the 200 megawatt contracted capacity LSHS-fired Chennai power plant in Chennai in the state of Tamil Nadu and the 388.5 megawatt gross-capacity gasfired combined cycle Vemagiri power plant in Vemagiri in the state of Andhra Pradesh. Out of the 21 analysts following the stock currently, the consensus recommendation is to hold the stock with six analysts recommending a hold rating and four analysts suggesting a sell rating. Many of the other infrastructure stocks also had a bad today with Valecha Engineering down 5.50 percent, C&C Constructions falling 3.34 percent and Kaushalya Infrastructure down 3.64 percent
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