 "Gammon Infra surges on winning order from NHAI")
Mumbai: Shares of Gammon Infrastructure Projects zoomed by 15 percent in early trade today after the Company bagged a Rs 1,684 crore project from NHAI for construction related works in Andhra Pradesh.
Defying a weak broader market, shares of the company surged 15 percent to Rs 17.50 on the BSE.The stock jumped to Rs 17.45, up 14.80 percent from the previous closing price, on the National Stock Exchange. “The company has received the letter of award for the six-laning of the Vijaywada-Gundugolanu section of NH 5 in the state of Andhra Pradesh from the National Highways Authority of India (NHAI) on BOT (Toll) mode,” Gammon Infrastructure Projects Ltd (GIPL) said.
The project cost as estimated by NHAI is Rs 1,684 crore, the company said, adding that the project will be built on design, build, finance, operate and transfer basis. The rally in the stock largely outperformed the weak broader market where the BSE barometer Sensex was trading at 17,614.90, down 92.42 points at 1025 hours.
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