GVK Power & Infrastructure rallies over 13% as Australian govt grants environmental clearance

MUMBAI: Shares of GVK Power & Infrastructure today rallied over 13 per cent after the Australian Federal Government granted environmental approval for its Kevin's Corner Project in Queensland.

Cheering the news, GVK's stock ended the day at Rs 8.15, up 13.19 per cent from its previous close at the NSE.

GVK Power's scrip surged 11.34 per cent to settle the day at Rs 8.15 on the BSE. In intra-day trade, the stock jumped 16.12 per cent to Rs 8.50.

On the volume front, 31.52 lakh shares of the company changed hands on the BSE, while more than one crore shares were traded on the NSE.

In late 2011, GVK had acquired a 100 per cent stake in the Kevin's Corner project and a 79 per cent stake in the Alpha Coal and Alpha West Coal projects from Hancock Prospecting Pty Ltd.

GVK Reddy, Founder Chairman and Managing Director, GVK Power and Infrastructure Ltd, said the company commends the Federal Government on its thorough environmental assessment process and its decision to approve this significant project that will create immense employment opportunities.

"This approval comes as a major milestone towards our goal of becoming the premier and most reliable coal supplier to the world thus enabling better lives. It further strengthens our commitment to deliver world-class infrastructure projects in a timely and responsible manner," Reddy said.