GVK Power & Infrastructure was locked in upper circuit of 20% at Rs 9.99 on back of over five-fold jump in trading volumes.
Till 1:20 pm; a combined 76 million equity shares representing 4.8% of total equity of GVK Power changed hands on the NSE and BSE.
stock of the electric utilities company has surged 37% in past six trading sessions from Rs 7.29 on July 13, after it informed the bourses that it has exited Bangalore International Airport Limited (BIAL) by selling its residual 10% stake in the airport project to the Prem Watsa-led Fairfax India Holdings Corporation (Fairfax India) for Rs 1,290 crore.
Commenting on the exit from Bengalauru airport, GVK Reddy, founder chairman and managing director, GVK Group said,” We will now focus on Mumbai as well as the Navi Mumbai airport, for which we have won the bid and also on selectively evaluating privatisation opportunities. Capacity optimisation and real estate development will now be our priority areas for the existing Mumbai airport."
JP Associates, too, surged 15% to Rs 26.50 on BSE in intra-day trade. In past two months, the stock it has zoomed 132% from Rs 11.44 as against 4% rise in S&P BSE Sensex.
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