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This is an archive article published on January 17, 2011

GMR Infrastructure stock upgraded

Turnaround of key assets,a stake sale,power projects and listing of units were lead causes.

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JP Morgan has upgraded GMR Infrastructure to ‘overweight’ from ‘neutral’ on likely catalysts such as turnaround of key assets,stake sale in Intergen,commissioning of power projects and independent listing of its units.

Clarity on airport charges likely to be announced by the aviation regulator in first quarter of FY12 and expectation that GMR’s Delhi airport will generate free cash flow from FY12 are other catalysts,the brokerage added in a note.

It has cut the price target to 50 rupees from 75 rupees on taking a conservative view on aero and non-aero revenues and reducing the value of real estate.

At 9:43 a.m.,shares were up 1.12 percent at 40.65 rupees.

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