GMR Infrastructure, the infrastructure holding company of GMR group, rallied on Thursday after  International Tribunal declared that the company's concession agreement for Maldives airport was valid and was not void for any mistake of law or discharged by frustration.

GMR Male International Airport (GMIAL), a unit of GMR Infrastructure, had entered into a concession agreement with the government of Maldives and Maldives Airport Co. for modernization and operation of Ibrahim Nasir International Airport in 2010.

Shares of the company are trading at Rs 33.80, up Rs 0.65, or 1.96% at the Bombay Stock Exchange (BSE) on Thursday at 11:47 a.m. The total volume of shares traded at the BSE is 1,373,795.

In the earlier session, the shares declined 3.35%, or Rs 1.15, at Rs 33.15.