Shares of Gammon Infrastructure Projects zoomed 15 per cent 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, the scrip surged 15 per cent to Rs 17.50 on the BSE. Similarly, on the NSE, the shares jumped by Rs 17.45, up 14.80 per cent from the previous closing price.
“The company has received the letter of award for six-laning of Vijayawada-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 17,649.06, down 58.26 points in the late morning trade.