Buzzing: GMR Infrastructure shares gained nearly 11 percent intraday after significant reduction in debt and turning profitable in the financial year 2016-17.
Company’s gross debt fell significantly to Rs 19,856 crore in FY17 from Rs 37,480 crore in FY16 and net debt to EBITDA ratio for the year improved to 4.3 from 10.2 in FY16.
“With significant reduction of gross & net debt and the improvement of Debt-to-EBITDA improving more than 100 percent, GMR has substantially brought down its leverage,” the Delhi-based infrastructure conglomerate said in its filing.
Market check: Equity benchmarks were off day’s high in morning trade after hitting record highs in opening.
The 30-share BSE Sensex was up 96.97 points at 31,234.56 and the 50-share NSE Nifty rose 28.15 points to 9,644.25.
The broader markets also came off day’s high, up 0.4 percent on positive breadth. About two shares advanced for every share falling on the BSE.
Bharti Airtel was biggest gainer among Sensex stocks, up 3 percent after the telecom operator received approval from SEBI & stock exchanges for merger with Telenor India. The company filed application with National Company Law Tribunal for nod to scheme of merger.
Tata Motors, HDFC, Adani Ports, ITC and TCS were other top contributors to Sensex’ gains whereas ICICI Bank remained under pressure, down nearly a percent.