Gayatri Projects builds up on plans to raise funds

Gayatri Projects rose 1.91% to Rs 218.40 at 9:25 IST on BSE after the company said that its board of directors approved to raise funds upto an amount of Rs 1000 crore though various modes.

The announcement was made after market hours yesterday, 6 December 2017.

Meanwhile, the S&P BSE Sensex was up 106.08 points or 0.33% at 32,703.26. The S&P BSE Mid-Cap index was up 105.18 points or 0.63% at 16,768.06, outperforming the Sensex.

On the BSE, 1,081 shares were traded on the counter so far as against the average daily volumes of 70,763 shares in the past one quarter. The stock had hit a high of Rs 218.50 and a low of Rs 217.85 so far during the day. The stock had hit a record high of Rs 220.65 on 6 December 2017 and a 52-week low of Rs 118 on 16 December 2016.

The stock had outperformed the market over the past one month till 6 December 2017, gaining 10.32% compared with 3.36% drop in the Sensex. The scrip had also outperformed the market in past one quarter, rising 20.52% as against Sensex's 2.95% rise. The scrip had also outperformed the market in past year, jumping 75.25% as against Sensex's 23.51% rise.

The mid-cap company has equity capital of Rs 35.45 crore. Face value per share is Rs 2.

Gayatri Projects announced that its board of directors approved to raise funds upto an amount of Rs 1000 crore, by issue of securities but not limited to equity shares, and or any other securities convertible into equity shares and/or non convertible debentures (NCDs) with or without warrant, through further public offer/qualified institutional placement/preferential issue/rights issue or through any permissible mode.

Gayatri Projects' net profit jumped 104% to Rs 23.71 crore on 20.9% rise in net sales to Rs 423.18 crore in Q2 September 2017 over Q2 September 2016.

Gayatri Projects in a Hyderabad-based infrastructure and construction company specializing in road, irrigation, power transmission and industrial projects with a pan India presence.

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