Gammon Infra extends recent rally

Gammon Infrastructure Projects hit an upper circuit limit of 5% at Rs 15.68 at 9:45 IST on BSE, with the stock extending recent rally triggered by the firm's board approving a QIP of equity shares or equity linked instrument of upto Rs 500 crore.

Meanwhile, the S&P BSE Sensex was down 3.52 points or 0.01% at 25,365.38.

On BSE, so far 75,000 shares were traded in the counter as against average daily volume of 1.03 lakh shares in the past two weeks.

The stock hit a low of Rs 15.60 so far in the day.

Shares of Gammon Infrastructure Projects have rallied 15.63% in three trading sessions from a recent low of Rs 13.56 on 20 June 2014, after the company after market hours on 20 June 2014 said its board has approved a qualified institutional placement issue of equity shares or equity linked instrument of upto Rs 500 crore.

On a consolidated basis, Gammon Infrastructure Projects reported a net loss of Rs 39.25 crore in the quarter ended March 2014 compared with a net profit of Rs 10.45 crore in the quarter ended March 2013. Net sales rose 25.50% to Rs 205.69 crore in the quarter ended March 2014 over the quarter ended March 2013.

Gammon Infrastructure Projects is an infrastructure project development company incorporated by Gammon India, to participate in the development of infrastructure projects on a public private partnership (PPP) basis. Today, the company leads Gammon Group's forays into development of infrastructure projects on PPP basis across sectors such as roads & expressways, ports, hydropower, urban infrastructure, airports, special economic zones, water and wastewater management, railways, power transmission lines, and agricultural infrastructure.

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