Gammon India extends gains post turnaround quarterly results

Gammon India was locked at 20% upper circuit at Rs 17.86 at 14:30 IST on BSE, with the stock extending previous sessions' 20% gains triggered by the company reporting turnaround results for the quarter ended 31 March 2016.

Meanwhile, the S&P BSE Sensex was down 36.18 points or 0.13% at 26,830.74.

A spurt in prices was accompanied by huge volumes on the counter. On BSE, so far 26.65 lakh shares were traded in the counter as against average daily volume of 1.15 lakh shares in the past one quarter. The stock hit a low of Rs 16.65 so far during the day. The stock had hit a 52-week high of Rs 21.80 on 4 August 2015. The stock had hit a 52-week low of Rs 10.35 on 30 March 2016. The stock had outperformed the market over the past one month till 20 June 2016, gaining 31.77% compared with 6.19% gains in the Sensex. The scrip had also outperformed the market in past one quarter, rising 31.77% as against Sensex's 7.67% gains.

The small-cap company has equity capital of Rs 73.91 crore. Face value per share is Rs 2.

Shares of Gammon India hit 20% upper circuit to settle at Rs 14.89 yesterday, 20 June 2016 after announcing the results. Gammon India reported net profit of Rs 53.38 crore in the quarter ended 31 March 2016 compared with net loss of Rs 73.53 crore in the quarter ended 31 March 2015. The result was announced on Saturday, 18 June 2016. Gammon India's net sales rose 9.4% to Rs 1115.08 crore in the quarter ended 31 March 2016 over the quarter ended 31 March 2015.

Gammon India is one of the leading construction companies, diversified into infrastructure management, transmission lines and power sector.

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