GMR Airports just 2% away from notching 52-week high; what’s the trigger?

GMR Airports share price: Shares of the company running aviation facilities: GMR Airports got a boost in Tuesday’s trade (February 13) after its surprise inclusion in the MSCI Global Standard Index. Nuvama Alternative & Quantitative Research expects the inclusion of the airports and airport services company to result in an inflow of USD 148 million.

At around 10:26, shares of GMR Airports traded at Rs 89.92, up 5.06 per cent or Rs 4.33 apiece on the BSE, while at the day’s high, it climbed to Rs 90.13, implying the stock is at a touching distance of 2.63 per cent from its 52-week high price of Rs 92.5.

GMR is a surprise entry for February, having been our high conviction entrant for the May 2024 review, noted Nuvama in its report dated February 13.

Last week, the company reportedly raised Rs 2,250 crore at a 13.275 per cent rate of interest through the issuance of listed, unsecured, rated, and non-convertible bonds for two years and ten months. The company would pay 5 per cent as a cash coupon and 8.275 per cent as a redemption premium.

GMR Airports, part of the GMR Group, is an Indian multinational conglomerate headquartered in New Delhi. The company is classified as a mid-cap company, commanding a m-cap of Rs 54,275 crore.