Global Vectra Helicorp said more helicopter services are being used in India and natural market dynamics have resulted in the stock price rise.
“In respect of the recent movement in the price of our security, there is no information/announcement of any significance that the Company is aware of. It is possible that some articles in the media in relation to more helicopter services being used in India and natural market dynamics have resulted in the aforesaid rise,” Global Vectra Helicorp had said in a regulatory filing on March 13, 2019.
The company made the said disclosure after the exchanges sought clarification with reference to significant movement in price.
Global Vectra Helicorp is the largest private helicopter company in India, providing seamless, safe and accident free helicopter services for almost two decades. The spectrum of operations of the Company encompasses support to India’s offshore oil & gas industry, onshore operations for State governments (VVIP flying), election flying, heli pilgrimage and much more. The company also pioneers for helicopter operations in the conduct of specialized aerial geophysical survey and most recently, for providing power industry support services.
Global Vectra Helicorp had reported net profit of Rs 3.52 crore in October-December quarter (Q3FY19), on back of higher operational income. The company had posted net loss of Rs 67 lakh during the same quarter last fiscal. Operational revenue grew 23 per cent to Rs 123 crore from Rs 100 crore in the corresponding quarter of previous year.
At 02:52 pm, the stock was trading 2 per cent higher at Rs 118 on the BSE, as compared to 0.13 per cent decline in the Sensex. The trading volumes on the counter jumped more than three-fold with a combined 1.18 million shares (representing 8 per cent of total equity) of Global Vectra Helicorp changing hands on the NSE and BSE so far.