Mumbai: Shares of GMR Infrastructure surged nearly 6 percent after the Singapore High Court on Monday stayed the Maldives Government's decision to terminate the USD 500 million contract awarded to a consortium led by it for modernising the Male international airport.

READ MORE: Male airport case: Relief for GMR infra
     
Reacting to the move, shares of the company shot-up by 5.63 percent to Rs 19.70 on the BSE, in an otherwise sluggish stock market.
     
At NSE, the stock soared 5.91 percent to Rs 19.7.
     
"GMR Male International Airport Private Ltd (GMIAL) is pleased to advise that the High Court of Singapore has on Monday granted injunctive relief against the applicability and operations of Letter dated November, 27 issued by the Ministry of Finance & Treasury (MoFT), Government of Male," GMR Infrastructure said in a statement.
     
The move is likely to pave way for the GMR to continue operations at Ibrahim Nasir International Airport (INIA) in Maldives.
     
The High Court upon hearing both the parties was pleased to grant this stay in favour of GMIAL, a joint venture company comprising GMR Infrastructure (GIL), which has 77 percent stake in it and Malaysia Airports Holding Berhad (MAHB) with remaining 23 percent stake.

(Agencies)

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