Gayatri Projects gains after its JV with RKTCPL wins new order

Gayatri Projects rose 2.21% to Rs 179 at 9:50 IST on BSE after the company said that the company in joint venture with RKTCPL has been awarded an order worth approximately Rs 119 crore by Government of Chhattisgarh PWD.

The announcement was made after market hours on Friday, 23 January 2015.

Meanwhile, the S&P BSE Sensex was up 107.06 points or 0.37% at 29,385.90.

On BSE, so far 931 shares were traded in the counter as against average daily volume of 9,592 shares in the past one quarter.

The stock hit a high of Rs 180 and low of Rs 175.50 so far during the day. The stock had hit a 52-week high of Rs 192 on 8 July 2014. The stock had hit a 52-week low of Rs 49.50 on 13 March 2014.

The stock had outperformed the market over the past one month till 23 January 2015, gaining 14.81% compared with Sensex's 6.44% rise. The scrip had also outperformed the market in past one quarter, jumping 24.26% as against Sensex's 9.04% rise.

The small-cap infrastructure company has equity capital of Rs 30.23 crore. Face value per share is Rs 10.

Gayatri Projects said the order forms part of Government of India and Asian Development Bank (ADB) agreement aimed towards improving the road connectivity along key corridors in Chhattisgarh.

Under the agreement, ADB would provide $300 million loan to the Chhattisgarh Government for overhauling over 900 KM of roads by 2017. The Government of Chhattisgarh will provide counterpart finance of about $128 million to cover the estimated total project cost of $428 million, Gayatri Projects said in a statement.

Gayatri Projects' net profit fell 94.5% to Rs 1.14 crore on 31.6% fall in total income to Rs 306.78 crore in Q2 September 2014 over Q2 September 2013.

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