GMR Infra stock rallies on reports of NHAI relief proposal talks

MUMBAI: Shares of GMR Infrastructure rallied today on reports that the National Highways Authority of India board is likely to discuss the company’s proposal seeking financial relief to help restart work on the Kishangarh-Udaipur-Ahmedabad project.

In 2011, GMR Infrastructure had bagged NHAI's Rs 7,200 crore project, by quoting an aggressive premium of Rs 636 crore. However, it had terminated the project in December 2012 due to NHAI's failure to get an environmental clearance for the project.

At 12:20 p.m.; the stock was at Rs 22.70, up 13.78 per cent, on the BSE. It touched a high of Rs 23 and a low of Rs 20.10 in trade today.