GMR Infra slowly building up

Just 10 minutes after market closure, GMR Infra yesterday announced that its consortium has won two orders – project to build parts of India’s upcoming eastern cargo rail corridor, adding up to 221km, at a cost of Rs.2,280.70 crore. This project, running from West Bengal to Punjab, is funded by World Bank and GMR stated that it is not expected to provide much in terms of funding for this project.

The two projects – first is a 175km single line connecting Sahnewal and Pilkhani that passes through Uttar Pradesh, Haryana and Punjab; to be completed somewhere around mid-2019. The second is a 46-km double line corridor in Uttar Pradesh connecting Dadri and Khurja; to be completed in 2019.

GMR Infra is already working on a 417-km-long eastern dedicated freight corridor railway project that comprises of two corridors in Uttar Pradesh: a 180km-long corridor connecting Mughalsarai and Karchana; and a 237km-long corridor connecting Karchana and Bhaupur. Currently, it has nine operating road assets.

The stock is doing well and intra day it rose 4% up at Rs.12.  Its 52-week high and low stands at Rs.18.60 and Rs.9.58 respectively.