Gayatri Projects drops after project cancellation

Gayatri Projects lost 1.03% to Rs 168 at 10:32 IST on BSE after the company's EPC order worth Rs 1111 crore was cancelled by the Uttar Pradesh government.

The announcement was made after market hours yesterday, 20 June 2018.

Meanwhile, the S&P BSE Sensex was down 9.27 points or 0.03% at 35,538.06

On the BSE, 1,686 shares were traded on the counter so far as against the average daily volumes of 4,041 shares in the past two weeks. The stock had hit a high of Rs 168.65 and a low of Rs 165.75 so far during the day. The stock had hit a record high of Rs 229.57 on 2 January 2018 and a 52-week low of Rs 144.04 on 11 August 2017.

The mid-cap company has equity capital of Rs 37.44 crore. Face value per share is Rs 2.

Gayatri Projects said that the Uttar Pradesh Government has cancelled the earlier bid on the Purvanchal Expressway Project and has re-invited the bids. The Purvanchal Expressway is a 341 km long project and comprises of 8 packages. Gayatri Projects was declared as L1 (Lowest) bidder for Package VI of the project on an EPC basis for a quoted price of Rs 1111.03 crore, which now stands cancelled.

Gayatri Projects' net profit jumped 157.07% to Rs 72.75 crore on 11.48% to Rs 928.98 crore in Q4 March 2018 over Q4 March 2017.

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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