Gayatri Projects gallops on emerging L-1 bidder for UP project

Gayatri Projects jumped 4.40% to Rs 17.80 after the company said it has been declared as L-1 bidder for a project under Uttar Pradesh's State Water and Sanitation Mission.

The project involves construction of Kachonda Kalan Group of villages water supply scheme in the Lalitpur district of Uttar Pradesh (UP) and relevant works including commissioning and operation and maintenance for 10 years.

The value of the contract is Rs 196 crore. The project is in joint venture where the company's share is 80%, the firm said in a BSE filing made during market hours today.

Gayatri Projects is the flagship company of the esteemed and well diversified Gayatri Group that has interests in infrastructure, power, hospitality, real estate and industry.

On a consolidated basis, the company recorded a net loss of Rs 13.77 crore in June quarter as compared to a net profit of Rs 48.08 crore reported in the same period last year. Net sales tumbled 32.1% to Rs 667.95 crore in Q1 FY21 over Q1 FY20.

On the technical front, the stock's RSI (relative strength index) stood 59.710. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is currently trading above its 50-day and 100-day simple moving average (SMA) placed at 16.21 and 15.97, respectively. It is, however, still below its 200-day SMA placed at 30.57.

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