The company made this announcement during trading hours today, 17 April 2008.
Meanwhile, the BSE Sensex was up 251.66 points, or 1.55%, to 16,495.85, on positive cues from the global markets. US stocks vaulted higher on Wednesday, 16 April 2008, after Intel Corp, JPMorgan Chase & Co and other blue chips reported earnings that reassured investors worried that a weak economy would sap corporate profits.
On BSE, 7.73 lakh shares were traded in the counter. The scrip had an average daily volume of 24.38 lakh shares in the past one quarter.
The stock hit a high of Rs 154.90 and a low of Rs 151.10 so far during the day. The stock had a 52-week high of Rs 268.70 on 6 December 2007 and a 52-week low of Rs 75.60 on 19 April 2007.
The large-cap scrip had outperformed the market over the past one month till 16 April 2008, gaining 10.66% compared to the Sensex`s return of 9.51%. It had underperformed the market in the past one quarter, declining 31.29% compared to Sensex`s decline of 17.55%.
The company`s current equity is Rs 364.13 crore. Face value per share is Rs 10.
The current price of Rs 152.70 discounts its Q3 December 2007 EPS of Rs 13.79, by a PE multiple of 11.07.
Homeland Mining and Energy SA, South Africa is a subsidiary of Homeland Energy Group, Toronto, Canada. It holds license for several coal-mining projects in South Africa. This acquisition would ensure fuel security for GMR Group`s power projects in India.
GMR Energy (GEL) also maintains an option to acquire additional 45% stake in Homeland Mining and Energy SA.
In February 2008, a consortium of GMR Infrastructure bagged a contract from the government of Nepal to build a 300-megawatt hydroelectric project in Nepal.
GMR Infrastructure`s net profit rose 2750.9% to Rs 15.68 crore on 263.8% rise in total income to Rs 23.54 crore in Q3 December 2007 over Q3 December 2006.
GMR Infrastructure`s principal activity is to generate, transmit and distribute electrical power. It also develops, maintains and operates airports and roads.