OM Metals Infraprojects spurts on heavy volumes

OM Metals Infraprojects was locked at 20% upper circuit at Rs 36.95 at 14:42 IST on BSE after the firm said its partnership firm inducted Goregaon hotel & Realty as a partner for 50% share in a partnership firm for a residential development project.

The announcement was made during market hours today, 1 January 2015.

Meanwhile, the S&P BSE Sensex was up 27.03 points or 0.1% at 27,526.45.

On BSE, so far 4.31 lakh shares were traded in the counter as against average daily volume of 22,099 shares in the past one quarter.

The stock hit a low of Rs 33.10 so far during the day. The stock had hit a 52-week low of Rs 15.30 on 10 February 2014. The stock had hit a 52-week high of Rs 37.10 on 7 July 2014.

The stock had outperformed the market over the past one month till 31 December 2014, jumping 10.79% compared with the Sensex's 4.16% fall. The scrip had also outperformed the market in past one quarter, surging 7.69% as against Sensex's 3.26% rise.

The company has equity capital of Rs 9.63 crore. Face value per share is Re 1.

Om Metals Infraprojects said that its partnership firm Om metals consortium inducted Goregaon hotel and Realty (GHRPL) as a partner for 50% share in a partnership firm for development of slum rehabilitation and residential development project in Bandra Reclamation. The land FSI was awarded to the firm by MHADA. Post inclusion of GHRPL, Om metals infraprojects has 17.5% sharing in the partnership firm Om metals consortium, the company said.

Om Metals Infraprojects' net profit jumped 120.7% to Rs 10.88 crore on 25.5% decline in net sales to Rs 31.94 crore in Q2 September 2014 over Q2 September 2013.

Om Metals Infraprojects is a conglomerate having diverse business activities and interests related to hydro mechanical equipments, turn key solutions for steel fabrication, hydro power developments, real estate, leasing, finance, entertainment centers, hotels and tourism.

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