GMR Infra: Shares of GMR Infrastructure Ltd. rose nearly 3.7% in intraday trade to Rs 39.4 apiece after the company’s shareholders and secured creditors approved the amalgamation and arrangement among GMR Power Infra, GMR Infra and GMR Power and Urban Infra and their respective shareholders during the NCLT convened meetings.
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The relative strength index on the stock was 79, suggesting that it may be overbought. Trading volume was 2.9 times the 30-day average volume for this time of the day.
Of the six analysts tracking the company, two maintained ‘buy’ and four maintained ‘hold’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 10.4%