/ Ways2Capital : Gammon India Up By 4% On Board’s Decision To Acquire Upto 20% Of Stake In GIPL From GPL ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Tuesday, 21 February 2017

Gammon India is having a good time on the bourses as the stock of the company has surged by 4% intraday.  On May 20, 2016 the company’s board had approved the sale of upto 30% equity shares of Gammon Infrastructure Projects (GIPL), which was held through its wholly owned subsidiary Gammon Power Limited (GPL).

The stock has surged as the board members in their meeting held on February 20, 2017 have now permitted Gammon Power to sell/dispose off the balance 26.06% of the equity shares of Gammon Infrastructure Projects at the  market price, in one or more tranches, out of which the board has expressed its intention to acquire upto 20% of the equity shares of GIPL from GPL at the current market price, in one or more tranches, which is of course subject to shareholders’ and all other statutory approvals.  

The stock of the company has witnessed a spurt in volumes by more than 2.37 times. In the last one year it has fallen by 6.45%.
Three mutual fund houses have invested in the stock of the company, out of which HDFC Mutual Fund is the topmost one.
Gammon India Ltd is currently trading at Rs 13.07, up by Rs 0.53 or 4.23% from its previous closing of Rs 12.54 on the BSE.The scrip opened at Rs 13.15 and has touched a high and low of Rs 13.5 and Rs 12.99 respectively. So far 1247543(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 463.44 crore.

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