Gammon India spurts after winning new orders

Gammon India rose 14.46% to Rs 23.75 at 10:09 IST on BSE after the company announced that it secured two new projects worth Rs 840.65 crore.

The announcement was made after market hours yesterday, 15 April 2015.

Meanwhile, the BSE Sensex was down 81.51 points, or 0.28%, to 28,718.18.

On BSE, so far 3.56 lakh shares were traded in the counter, compared with an average volume of 1.72 lakh shares in the past one quarter.

The stock hit a high of Rs 24.90 and a low of Rs 23.05 so far during the day. The stock hit a 52-week high of Rs 44.70 on 19 September 2014. The stock hit a 52-week low of Rs 16 on 30 April 2014.

The stock had outperformed the market over the past one month till 15 April 2015, rising 3.49% compared with 1.04% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 15.65% as against Sensex's 2.58% rise.

The small-cap company has an equity capital of Rs 27.30 crore. Face value per share is Rs 2.

In first project, in the environment and pipeline sector, is for the channelization of Gomti River valued at Rs 516.73 crore, Gammon India said in a release.

The second order is for the four laning of national highway (NH)-37A with a distance of 17.30 kilometre from Kaliabor Tinali Road to Dolabari Road Junction, worth Rs 323.92 crore, the release added.

Gammon India reported net loss of Rs 160.75 crore in Q3 December 2014 as against net loss of Rs 454.41 crore in Q3 December 2013. Net sales declined 31.30% to Rs 699.37 crore in Q3 December 2014 over Q3 December 2013.

Gammon India is one of the largest contractor and developer of infrastructure projects in India. The company's operates in four major areas -- engineering, procurement and construction (EPC), construction business, infrastructure development business and international business and also has overseas presence in Europe and Africa apart from India.

Powered by Capital Market - Live News