Gammon India shares surge 10% on EPC biz investment proposal

Gammon India shares surged nearly 10 per cent intraday on Thursday after the company said it is all set to consider a proposal received from an investor for investment in the company’s Engineering Procurement & Construction (EPC) business.

Written by FE News Desk

March 31, 2016 13:26 IST

Lincoln Pharmaceuticals stocks ended 5.13 per cent up at Rs 248.85 as it has launched Ondansetron oral spray, used for treatment of nausea and vomiting caused by surgery or cancer drugs, in the Indian market.

At 1.14 pm, shares of Gammon India were trading 8.30 per cent up at Rs 12.40. The scrip opened at Rs 12.50 and has touched a high and low of Rs 12.53 and Rs 12.11, respectively, in trade so far. Sensex was trading 49.30 points, or 0.19 per cent, up at 25,387.88.

In a BSE filing, Gammon India on Wednesday said, “A meeting of the board of directors of the company will be held on April 2, 2016, to consider a proposal received from an investor for investment in the company’s Engineering Procurement & Construction (EPC) business.”

Last month, the company had said three of its lenders including IDBI bank have decided to convert loans worth Rs 22.25 crore into equity.

The promoters holding in the company stood at 16.61% while Institutions and Non-Institutions held 58.77% and 24.63% respectively.

For the quarter ended December 2015, the company reported net loss of Rs 121.21 crore against net loss of Rs 160.75 crore in the corresponding quarter a year ago.

Gammon India provides engineering services and construction of services. It operates in plan, design and undertakes construction of roads, highways, bridges and other projects.

This article was first uploaded on March thirty-one, twenty sixteen, at twenty-six minutes past one in the afternoon.