GMR Infra rises on completing Chennai outer ring road phase I project

GMR Infrastructure is currently trading at Rs. 26.00, up by 0.30 points or 1.17% from its previous closing of Rs. 25.70 on the BSE. The scrip opened at Rs. 25.60 and has touched a high and low of Rs. 26.15 and Rs. 25.20 respectively. So far 183314 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 26.80 on 10-Apr-2014 and a 52 week low of Rs. 10.65 on 06-Aug-2013. Last one week high and low of the scrip stood at Rs. 26.80 and Rs. 22.85 respectively. The current market cap of the company is Rs. 10100.87 crore. The promoters holding in the company stood at 71.70% while Institutions and Non-Institutions held 18.88% and 9.42% respectively. GMR Infrastructure has completed Chennai outer ring road phase I project. Government of Tamil Nadu and all concerned agencies issued a provisional Certificate for Completion with effect from June 15, 2013 for Group’s Chennai Outer Ring Road project. This milestone will add to the cash-flow of GMR by Rs 118 crore every year for the next 17 and half years. It adds almost Rs.95 Crore to the revenues of Road Project in the year just ended on 31st March 2014. Completed on design, build, finance, operate and transfer basis, the GMR Chennai Outer Ring Road project connects Vandalur on NH-45 to Nemillicheri on NH-205 via Nazaratpet on NH-4. GMR won this prestigious 29.65 Km project through international competitive bidding. The Concession Period of the project is 20 years including 30 months of construction. Commissioning of the project will significantly ease traffic congestion along the western periphery of Chennai city. The Outer Ring Road connects the northern and southern suburbs of Chennai and will be a catalyst for expansion of the city and help growth of the industrial hubs in this region through better connectivity. GMR Infrastructure is a Bangalore headquartered global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure sectors. It has successfully employed the public-private partnership model to build a portfolio of high quality assets.