Om Metals Infraprojects surges after resuming construction of residential project

Om Metals Infraprojects jumped 8.89% to Rs 47.75 at 10:45 IST on BSE after the company said that the construction of residential project in Jaipur has resumed after the judgement of tribunal.

The announcement was made after market hours yesterday, 17 October 2016.

Meanwhile, the S&P BSE Sensex was up 192.39 points or 0.7% at 27,722.36

On BSE, so far 1.39 lakh shares were traded in the counter as against average daily volume of 21,405 shares in the past one quarter. The stock hit a high of Rs 50.70 and a low of Rs 46.10 so far during the day. The stock had hit a 52-week high of Rs 63.70 on 12 January 2016. The stock had hit a 52-week low of Rs 35.70 on 26 February 2016. The stock had outperformed the market over the past 30 days till 17 October 2016, falling 3.73% compared with 3.74% decline in the Sensex. The scrip, however, underperformed the market in past one quarter, sliding 8.17% as against Sensex's 0.93% decline.

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

OM Metals Infraprojects said that the construction of residential project Palacia at A 2 Prithviraj Road near Statute Circle Jaipur, Rajasthan has resumed after the judgement of Jaipur Development Authority (JDA) tribunal which in its verdict ordered that all approvals and maps of the project approved by JDA are as per policies/ bye laws and within legal framework.

Om Metals Infraprojects' net profit fell 60.45% to Rs 4.22 crore on 31.11% rise in net sales to Rs 50.11 crore in Q1 June 2016 over Q1 June 2015.

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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