Gayatri Projects scales record high after securing highway project

Gayatri Projects rose 2.89% to Rs 695.05 at 12:21 IST on BSE after the company secured a Rs 1255 crore contract in a joint venture with Russian construction company PTPS.

The announcement was made during market hours today, 23 September 2016.

Meanwhile, the BSE Sensex was down 3.03 points, or 0.01%, to 28,770.10

On BSE, so far 9,705 shares were traded in the counter, compared with average daily volume of 3,192 shares in the past one quarter. The stock hit a high of Rs 790 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 670.55 so far during the day. The stock hit a 52-week low of Rs 465 on 29 June 2015. The stock had underperformed the market over the past 30 days till 22 September 2016, falling 5.81% compared with 2.54% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, rising 9.26% as against Sensex's 9% 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 for rehabilitation and upgradation of four laning of a highway in Odisha on engineering, procurement, and construction (EPC) mode.

Gayatri Projects' net profit jumped 50.83% to Rs 16.35 crore on 5.73% growth in total income to Rs 432.44 crore in Q1 June 2016 over Q1 June 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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