Fund tie-up by arm lifts Gammon

DALAL STREET SPIKES

The Gammon Infrastructure Projects stock went up around 1.5 per cent to Rs 71.05 On Wednesday after the company announced that Indira Container Terminal, its special purpose vehicle incorporated for developing the Mumbai offshore container terminal project, has achieved financial closure for an aggregate amount of about Rs 812.53 crore.

The estimated project cost is Rs 1,015 crore and the project will be run on a BOT basis for 30 years, including a three-year construction period. The stock touched an intraday high of Rs 77.05 and a low of Rs 65.7 with trading volumes of 16,646 shares.