SPML Infra jumps after substantially completing Gujarat irrigation project

SPML Infra rose 3.69% to Rs 92.70 at 10:00 IST on BSE after the company said it has substantially completed an important irrigation project in Gujarat.

The announcement was made after market hours yesterday, 18 April 2017.

Meanwhile, the S&P BSE Sensex was down 46.03 points, or 0.16% to 29,273.07.

On the BSE, 22,000 shares were traded in the counter so far, compared with average daily volumes of 25,400 shares in the past one quarter. The stock had hit a high of Rs 93.80 and a low of Rs 89.60 so far during the day. The stock hit a 52-week high of Rs 108.80 on 13 July 2016. The stock hit a 52-week low of Rs 48.70 on 22 November 2016.

The stock had outperformed the market over the past one month till 18 April 2017, rising 48.50% compared with 0.68% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 59.93% as against Sensex's 7.56% rise.

The small-cap company has equity capital of Rs 7.33 crore. Face value per share is Rs 2.

Prime Minister Narendra Modi along with Vijay Rupani, chief minister of Gujarat inaugurated the completion of Phase-I of Saurashtra Narmada Avtran Irrigation (SAUNI) Yojana project in Botad, Gujarat by formally releasing Narmada water in Krushna Sagar dam.

The project envisage to divert one million acre feet (1 MAF) water of Narmada Dam to Saurashtra to distribute it to 115 reservoirs through 1115 kilometer long network of giant pipelines to irrigate 1.8 million hectare of land, mainly in Saurashtra, Kutch and north Gujarat regions, benefiting millions of farmers. It will also supply irrigation water to 2.46 lakh hectares in drought-prone Barmer and Jalore districts in Rajasthan and some parts of Maharashtra apart from generating hydropower. This project has also solved the drinking water scarcity of 132 towns and 11,456 villages in the Saurashtra, Kutch, North Gujarat, Panchmahal and Ahmedabad regions. About 1,650 MLD of potable water is supplied to 39 million people across these regions and along with good agriculture produce; it is boosting the economy of the state.

SPML Infra's net profit rose 388.5% to Rs 1.27 crore on 90.1% growth in net sales to Rs 426.40 in Q3 December 2016 over Q3 December 2015.

SPML Infra is an infrastructure development company.

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