Stock market analyst Hitendra Vasudeo of stockmechanics.com has maintained 'Sell' rating on GMR Infrastructure stock to achieve a target that lies between Rs 142.60-Rs 129.80.

According to Mr. Vasudeo, investors can sell the stock around Rs 150.30-Rs 155.30 with a stop loss of Rs 158.

Today (June 16), the stock opened at Rs 144.80, as against its last closure of Rs 147.60 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 0.54 and 270.28 respectively. The share price has seen a 52-week high of Rs 183.50 and a low of Rs 45.60 on BSE.

Mr. Vasudeo is of the view that investors should sell the stock today to avoid loss.

After selling the stock, the interested investors can enter the stock again at a low price, for medium or long term prospective.

GMR Infrastructure’s subsidiary GMR Energy Limited (GEL) said that it will invest Rs 4 billon to relocate and restart its barge-mounted naphtha fired power project from Mangalore on the west coast to Kakinada on the east coast in Andhra Pradesh.

The new plant would be operational by March next year (2010).       

Moreover, GEL has also nominated three of its directors including B V Nageswara Rao, Raaj Kumar and Ashis Basu on the board of Homeland Energy Group (HEG), Canada constituting 50 per cent of the board.

GMR Infrastructure, on June 05, announced a marginal increase of 6.44% in its consolidated net profit from ordinary activities after deducting tax income for the three month period ended March 31, 2009.

During the period, the company’s profit stood at Rs 532.40 million as against Rs 500.20 million for the quarter ended March 31, 2008.

GMR Group entered into a deal with InterGen NV, an international power producer, to buy Intergen`s full stake in Island Power. Island Power is a private electric utility based in Singapore.

On a Build, Operate and Transfer basis, GMR Infra led consortium, on 28 May, has pocketed the Hyderabad-Vijayawada highway project through international competitive path.

GMR Infra’s group has received letter of award from National Highways Authority of India (NHAI).

GMR Infra, on May 11, announced that its board has okayed the plan to raise funds via issue of equity shares / GDRs / ADRs / FCCBs and / or such other securities for a sum not surpassing Rs 50 billion either through preferential issue or qualified institutional placement.