Shares of GMR Airports Infrastructure Ltd. rose on Tuesday after MSCI Inc. upgraded it to mid-cap from small-cap in the Emerging Markets Index.
The index provider added five Indian stocks to its Emerging Markets Index in its February review, which will come into effect at market close on Feb. 29. These also include Punjab National Bank, Union Bank of India, Bharat Heavy Electricals Ltd., and NMDC.
Shares of the company rose as much as 5.37%, the highest level since Feb. 9, before paring gains to trade 4.96% higher at 10:30 a.m. This compares to a 0.40% advance in the NSE Nifty 50.
The stock has risen 133.68% in the last 12 months. Total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 63.
Both the analysts tracking the company maintain a 'sell' rating, according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 132.5%.
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