Gayatri Projects gains after securing highway project

Gayatri Projects rose 2.84% to Rs 640 at 12:29 IST on BSE after the company bagged a Rs 306 crore contract for the four laning of a highway on the Andhra Pradesh-Tamil Nadu border from the Ministry of Road Transport & Highways.

The announcement was made during market hours today, 30 June 2016.

Meanwhile, the BSE Sensex was up 174.35 points, or 0.65%, to 26,914.74

On BSE, so far 7,498 shares were traded in the counter, compared with an average volume of 15,244 shares in the past one quarter. The stock hit a high of Rs 649.65 and a low of Rs 622.05 so far during the day. The stock hit a record high of Rs 769.20 on 24 December 2015. The stock hit a 52-week low of Rs 260.80 on 30 June 2015. The stock had outperformed the market over the past 30 days till 29 June 2016, rising 9.77% compared with Sensex's 0.27% gains. The stock had also outperformed the market in past one quarter, rising 18.68% as against Sensex's 5.52% rise.

The small-cap company has an equity capital of Rs 35.45 crore. Face value per share is Rs 10.

Gayatri Projects said that the contract is on an engineering, procurement and construction (EPC) basis, which furthers the management's plan to adopt an asset-light model and reinforces the company's position as one of India's top highway builders.

Gayatri Projects' net profit jumped 78.68% to Rs28.50 crore on 18.78% growth in total income to Rs 668.31 crore in Q4 March 2016 over Q4 March 2015.

Gayatri Projects is a Hyderabad-based infrastructure and construction company with a presence across the segment, and a special focus on road and irrigation projects.

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