Gayatri Projects jumps after bagging three LoAs in Uttar Pradesh

Gayatri Projects hit an upper circuit of 5% at Rs 36.20 after the company said it received three letter of awards (LoAs) aggregating to Rs 1332 crore for drinking water schemes in Uttar Pradesh.

Gayatri Projects has received three LoAs for pipe drinking water schemes from Namami Gange and Rural Water Supply Department in Uttar Pradesh. The project will be executed in joint venture where the company's share is 97.5%. "All the above LOAs pertain to water division, Gayatri Projects said in a statement post market hours yesterday.

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

On a standalone basis, the company reported 58.5% drop in net profit to Rs 3.33 crore on a 14.4% rise in net sales to Rs 798.23 crore in Q2 FY21 over Q2 FY20.

The stock has added 18.03% in four sessions from its recent closing low of Rs 30.60 on 7 December 2020.

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