GMR Airports shares saw an uptick following clarification on a recent Supreme Court (SC) judgment. The SC ruling, dated October 18, 2024, has been misinterpreted by some media outlets, which inaccurately reported that the judgment affirmed the Airports Economic Regulatory Authority of India’s (AERA) decision-making authority over non-aeronautical tariffs.
As of 11:14 am the shares were trading 2.39% higher at ₹82.31 on NSE.
GMR Airports has clarified that the judgment is limited to allowing AERA to appeal TDSAT rulings in the SC, without addressing AERA’s authority over non-aeronautical services like cargo and ground handling. The broader issue of AERA’s jurisdiction over these services remains unresolved and is still pending decision.
Brokerage firm Jefferies has maintained its “buy” rating on GMR Airports, setting a target price of ₹106, indicating a 30.9% upside from its current price of ₹81.01. Jefferies reiterated that the recent SC ruling does not change AERA’s decision-making power over non-aeronautical tariffs but clarified AERA’s participation in legal challenges regarding TDSAT judgments.
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