Gammon Infrastructure Projects hit an upper circuit limit of 5% at Rs 15.68 at 9:45 IST on BSE, with the stock extending recent rally 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 down 3.52 points or 0.01% at 25,365.38.
On BSE, so far 75,000 shares were traded in the counter as against average daily volume of 1.03 lakh shares in the past two weeks.
The stock hit a low of Rs 15.60 so far in the day.
Shares of Gammon Infrastructure Projects have rallied 15.63% in three 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.
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.
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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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