Ramky Infra hits 52-week high; zooms 80% in seven days

The stock hit a 52-week high of RS 52.65 on BSE, rallied 80% in past seven days from Rs 29.30 on February 12.

Shares of Ramky Infrastructure has soared 10% to Rs 52.65, extending its rally in the past six trading sessions on the BSE.

The stock of construction & engineering company is currently trading at its 52-week and zoomed 80% in past seven days from Rs 29.30 on February 12, 2016 after the company trimmed its losses during the recently concluded quarter.

Ramky Infrastructure had posted a net loss of Rs 12.36 crore for the quarter ended December 31, 2015 (Q3FY16), due to a high income and a low finance cost. The company had posted a net loss of Rs 133.09 crore for the corresponding period year ago.

During the quarter, the company written back liabilities no longer required aggregating to Rs 78.78 crore. The company said, the management is in process of obtaining settlement for material liabilities and confident that no further claim is expected against the company in respect of such amounts.

Ramky Infrastructure is in the business of a diverse range of construction and infrastructure projects in sectors as varied as water and waste water, transportation, irrigation, industrial parks (including SEZs), power transmission and distribution, residential, commercial and retail property.

At 02:40 PM, the stock was up 6% at Rs 50.70 on the BSE as compared to 1.4% decline in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 603,371 shares changed hands on the BSE and NSE so far.