This construction & engineering company stock has zoomed 62% in 6 days

Ramky Infrastructure has hit a 52-week high of Rs 241.60 on surging 15 per cent on the BSE on back of three-fold jump in trading volumes

Shares of Ramky Infrastructure hit a fresh 52-week high of Rs 241.60, on surging 15 per cent on the BSE in Wednesday’s intra-day trade on back of three-fold jump in trading volumes. The stock of construction & engineering company was quoting higher for the sixth trading day, zooming as much as 62 per cent during the period.

At 12:40 pm, Ramky Infra was up 8 per cent at Rs 226.75, as compared to 1.5 per cent rise in the S&P BSE Sensex. A combined 1.6 million equity shares representing 2.3 per cent of total equity of the company had changed hands on the NSE and BSE.

The BSE said the Exchange has sought clarification from Ramky Infrastructure on December 8, 2021, with reference to movement in volume. The reply is awaited.

In the past six months, the stock price of Ramky Infra has more-than-doubled or up 112 per cent, as compared to 11.9 per cent rise in the S&P BSE Sensex.

For the first half (April-September) of the financial year 2021-22 (H1FY22), the company had posted a consolidated net profit of Rs 85.83 crore, due to higher other income. It reported a net loss of Rs 114.8 crore in H1FY21. Other income of the company jumped to Rs 219 crore from Rs 82 crore during the period.

Indian Overseas Bank, a financial creditor to Srinagar Banihal Expressway (subsidiary of the company) has assigned their financial assistance granted it, together with all underlying securities, rights, title and interest in respect there of to Asset Reconstruction Company (India) (ARCIL) on October 13, 2021 along with the application filed under Sec.7 of Insolvency and Bankruptcy Code 2016 to National Law Tribunal, Hyderabad Bench against the company for a claim of amount of Rs 236.64 crore under the Corporate Guarantee, Ramky Infra said in results notes. CLICK HERE FOR MORE DETAILS