Gammon Infrastructure Projects hit an upper circuit limit of 5% at Rs 14.23 at 11:11 IST on BSE after the company said its board has approved a qualified institutional placement issue of equity shares or equity linked instrument of upto Rs 500 crore.
The company made the announcement after market hours on Friday, 20 June 2014.
Meanwhile, the BSE Sensex was down 91.04 points, or 0.36%, to 25,014.47.
On BSE, so far 15,000 shares were traded in the counter, compared with an average volume of 2.12 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 14.23 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 20 June 2014, falling 1.17% compared with 2.99% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 92.34% as against Sensex's 15.48% rise.
The small-cap company has an equity capital of Rs 146.81 crore. Face value per share is Rs 2.
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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