Ramky Infra jumps after securing a provisional completion certificate for a road project in AP

Ramky Infrastructure was locked at 10% upper circuit at Rs 51.80 at 13:06 IST on BSE after the company said that its 50:50 JV with IL&FS Transportation Networks has secured provisional completion certificate for a road project in AP.

The announcement was made during trading hours today, 7 January 2014.

Meanwhile, the S&P BSE Sensex was down 89.71 points or 0.43% at 20,697.59.

On BSE, so far 89,000 shares were traded in the counter as against average daily volume of 14,803 shares in the past one quarter.

The stock hit a low of Rs 49 so far during the day. The stock had hit a 52-week high of Rs 133.80 on 8 January 2013. The stock had hit a record low of Rs 30.30 on 28 August 2013.

The stock had outperformed the market over the past one month till 6 January 2014, surging 14.74% compared with the Sensex's 1% fall. The scrip had, however, underperformed the market in past one quarter, advancing 1.29% as against Sensex's 4.38% rise.

The small-cap company has equity capital of Rs 57.20 crore. Face value per share is Rs 10.

A consortium comprising of a 50:50 joint venture (JV) between Ramky Infrastructure, Hyderabad (Rh) and IL&FS Transportation Networks (ITNL) was awarded a project by Andhra Pradesh Road Development Corporation (APRDC) for four laning 212.50 Km of the existing 2-lane stretch from Narketpally to Addanki and Medarametla road on State Highway 2, in Andhra Pradesh under design, build, finance, operate and transfer (DBFOT) format for which the concession agreement was signed on 23 July 2010. The project is on Toll Basis with a concession period of 24 Years including the construction period of 910 days, Ramky Infrastructure said in a statement. The project has been issued a provisional completion certificate by the Competent Authority effective 2 January 2014, the company said.

Ramky Infrastructure reported a consolidated net loss of Rs 72.05 crore in Q2 September 2013 as against net profit of Rs 35.65 crore in Q2 September 2012. Net sales declined 31.4% to Rs 495.02 crore in Q2 September 2013 over Q2 September 2012.

Ramky Infrastructure, the flagship company of Ramky Group, is an integrated construction and infrastructure development, and management company in India with strategic emphasis on the public-private-partnership (PPP) approach.

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