GMR Infrastructure sinks after overseas acquisition

GMR Infrastructure declined 4.45% to Rs 179.45 at 12:28 IST on BSE, after the company said its wholly owned subsidiary GMR Infrastructure (Mauritius) has acquired Delridge in Cyprus and its name has been changed to GMR Infrastructure (Cyprus).

The company made this announcement during trading hours today, 6 February 2008.

Meanwhile, BSE Sensex was down 618.08 points or 3.31% to 18,045.08 as Asian markets tumbled after another recessionary piece of US economic data sent Wall Street shares down nearly 3% on Tuesday, 5 February 2008.

On BSE, 19.04 lakh shares were traded in the counter. The scrip had an average daily volume of 37.66 lakh shares in the past one quarter.

The stock hit a high of Rs 181.80 and a low of Rs 175.30 so far during the day. The stock had a 52-week high of Rs 268.70 on 6 December 2007 and a 52-week low of Rs 65.43 on 3 April 2007.

The large-cap scrip had underperformed the market over the past one month till 5 February 2008, declining 24.53% compared to the Sensex's decline of 10.33%. It had also underperformed the market in the past one quarter, declining 3.89% compared to Sensex's decline of 3.25%.

The company's current equity is Rs 364.13 crore. Face value per share is Rs 2.

The current price of Rs 179.45 discounts its Q3 December 2007 annualized EPS of Rs 0.34, by a PE multiple of 527.80.

On 1 February 2008, a consortium of GMR Infrastructure bagged a contract from the government of Nepal to build a 300 megawatt hydroelectric project in Nepal.

On 28 November 2007, GMR Energy, a wholly owned subsidiary of GMR Infrastructure entered into a share purchase and joint venture agreement to acquire 80% stake of Himtal Hydro Power Company.

GMR Infrastructure reported net profit of Rs 15.68 crore on sales of Rs 17.96 crore in Q3 December 2007.

GMR Infrastructure's principal activity is to generate, transmit and distribute electrical power. It also develops, maintains and operates airports and roads.