GPT Infraprojects hits record high

GPT Infraprojects jumped 10.72% to Rs 220 at 11:26 IST on BSE after the company said its subsidiary has been awarded a claim of about Rs 62 crore in a dispute with the National Highways Authority of India.

The announcement was made on Saturday, 25 November 2017.

Meanwhile, the S&P BSE Sensex was down 79.42 points or 0.24% at 33,599.82.

On the BSE, 54,000 shares were traded on the counter so far as against the average daily volumes of 40,186 shares in the past one quarter. The stock had hit a high of Rs 228.70 so far during the day, which is a record high. The stock hit a low of Rs 210.10 so far during the day. The stock had hit a 52-week low of Rs 101.30 on 2 March 2017.

GPT Infraprojects said that its subsidiary Jogbani Highway (JHPL) has been awarded a claim of about Rs 62 crore by the 3 member Arbitral Tribunal unanimously, in a dispute with the National Highways Authority of India (NHAI).

JHPL had entered into a concession agreement on 12th July 2010 with NHAI for rehabilitation and upgrading of existing intermediate roads to 2 lane with paved shoulders of Forbesganj - Jogbani on National Highway 57A in Bihar under NHDP Phase III on design, build, (DBFOT) basis having a concession period of 15 years including construction period of 2 years from the appointed date.

The concession agreement was terminated by JHPL due to non availability of land from NHAI even after delay of about 30 months and also due to other local hindrances.

On a consolidated basis, GPT Infraprojects' net profit rose 0.4% to Rs 5.10 crore on 0.6% decline in net sales to Rs 131.76 crore in Q1 June 2017 over Q1 June 2016. The company is scheduled to announce Q2 September 2017 results on 4 December 2017.

GPT Infraprojects is a premier infrastructure company based out of Kolkata.

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