Gammon Infrastructure Projects hit an upper circuit limit of 5% at Rs 14.94 at 10:48 IST on BSE, with the stock extending recent gains triggered by the firm's board approving a QIP of equity shares or equity linked instrument of upto Rs 500 crore.
Meanwhile, the S&P BSE Sensex was up 291.02 points or 1.16% at 25,322.34.
On BSE, so far 44,000 shares were traded in the counter as against average daily volume of 2.16 lakh shares in the past one quarter.
The stock opened with an upward gap, rising by the maximum 5% daily circuit and remained locked at the 5% level at Rs 14.94 so far in the day. The stock hit a 52-week high of Rs 16.43 on 26 May 2014. The stock hit a record low of Rs 6.05 on 4 September 2013.
The stock had underperformed the market over the past one month till 23 June 2014, sliding 4.75% compared with Sensex's 1.37% rise. The scrip had, however, outperformed the market in past one quarter, spurting 103.29% as against Sensex's 15.06% rise.
The small-cap company has equity capital of Rs 146.81 crore. Face value per share is Rs 2.
Shares of Gammon Infrastructure Projects have surged 10.17% in two trading sessions from a recent low of Rs 13.56 on 20 June 2014, after the company after market hours on 20 June 2014 said its board has approved a qualified institutional placement issue of equity shares or equity linked instrument of upto Rs 500 crore. The stock surged by the maximum permissible level of 5% to settle at Rs 14.23 on Monday, 23 June 2014.
On a consolidated basis, Gammon Infrastructure Projects reported a net loss of Rs 39.25 crore in the quarter ended March 2014 compared with a net profit of Rs 10.45 crore in the quarter ended March 2013. Net sales rose 25.50% to Rs 205.69 crore in the quarter ended March 2014 over the quarter ended March 2013.
Gammon Infrastructure Projects is an infrastructure project development company incorporated by Gammon India, to participate in the development of infrastructure projects on a public private partnership (PPP) basis. Today, the company leads Gammon Group's forays into development of infrastructure projects on PPP basis across sectors such as roads & expressways, ports, hydropower, urban infrastructure, airports, special economic zones, water and wastewater management, railways, power transmission lines, and agricultural infrastructure.
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