Gammon India jumped 11.41% to Rs 12.60 at 9:55 IST on BSE after the company said that it has secured a highway construction contract of Rs 1709.99 crore in Jammu & Kashmir from National Highways Authority of India.
The announcement was made after market hours on Thursday, 24 September 2015.
Meanwhile, the BSE Sensex was down 57.46 points, or 0.2%, to 25,812.63.
On BSE, so far 2.39 lakh shares were traded in the counter, compared with an average volume of 89,293 shares in the past one quarter.
The stock hit a high of Rs 13.15 and a low of Rs 12.22 so far during the day. The stock hit a 52-week high of Rs 39.50 on 24 September 2014. The stock hit a 52-week low of Rs 10.75 on 10 September 2015.
The stock had underperformed the market over the past one month till 24 September 2015, declining 24.6% compared with 0.47% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 34.62% as against Sensex's 6.73% fall.
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The small-cap company has an equity capital of Rs 27.30 crore. Face value per share is Rs 2.
Gammon India said that it has secured a highway construction contract from National Highways Authority of India (NHAI) for four-laning of Udhampur to Ramban Section of NH-1A in Jammu & Kashmir under the National Highways Development Project (NHDP) Phase-II. The contract is to be executed on engineering, procurement & construction (EPC) basis. The value of the contract is Rs 1709.99 crore.
Gammon India reported net loss of Rs 187.50 crore in Q3 June 2015 compared with net loss of Rs 120.27 crore in Q3 June 2014. Sales fell 19.4% to Rs 744.23 crore in Q3 June 2015 over Q3 June 2014.
Gammon India is one of the largest contractor and developer of infrastructure projects in India. The company operates in four major areas -- engineering, procurement and construction (EPC), construction business, infrastructure development business and international business and also has overseas presence in Europe and Africa apart from India.
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