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Edelweiss maintains buy on GMR Infrastructure, target price Rs 25

The GMR stock may come under pressure in the short term having lost out on the bid for Jewar Airport.

ETMarkets.com|
Last Updated: Dec 03, 2019, 08.26 AM IST
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Edelweiss has maintained buy rating on GMR Infrastructure in the long term with a target price of Rs 25. Shares of GMR Infrastructure ended down 2.5% at Rs 21.35 on Monday while the BSE Sensex closed 8.36 points up at 40,802.17.

Company Financials

For the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 1790.33 crore, up .23% from last quarter sales of Rs 1786.25 crore and down -1.11% from last year same quarter sales of Rs 1810.48 crore. The company has reported net profit after tax of Rs -296.50 crore in the latest quarter.

The company’s top management includes Mr.B V N Rao, Mr.C R Muralidharan, Mr.G B S Raju, Mr.G M Rao, Mr.Grandhi Kiran Kumar, Mr.Madhva Bhimacharya Terdal, Mr.N C Sarabeswaran, Mr.R S S L N Bhaskarudu, Mr.S Rajagopal, Mr.S Sandilya, Mr.Srinivas Bommidala, Mrs.Vissa Siva Kameswari. Company has S R Batliboi & Associates LLP as its auditors. As on 30-09-2019, the company has a total of 6,035,945,275 shares outstanding.

Investment Rationale

The GMR stock may come under pressure in the short term having lost out on the bid for Jewar Airport. Nevertheless, there are other opportunities such as privatisation of six existing airports, said Edelweiss. The stake sale in the airport vertical, potential divestment of Kamalanga and bargemounted power plants, and favourable policy/regulatory actions reinforce bullish view on GMR, said Edelweiss.
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