Gayatri Projects surges on GIC buying 6.2% stake in co

NEW DELHI: Shares of Gayatri Projects advanced over 4 per cent on Friday after the Government of Singapore Investment Corp (GIC) acquired a 6.2 per cent stake in the Indian infrastructure company.

Following the development, the shares of the company gained 4.88 per cent to Rs 177.20 on BSE. The scrip opened at Rs 170.65 and touched an intraday high and low of Rs 182.25 and Rs 170, respectively.

ET reported that GIC on Thursday brought 1.1 crore shares of Hyderabad-based infra company at Rs 150 per share valuing the deal at Rs 165 crore.

The stock touched its fresh 52-week high of Rs 180.50 on Friday and had touched its fresh 52-week low of Rs 114 on November 15, 2016.

For the quarter ended March 2017, the company reported net sales worth Rs 812.48 crore and net profit of Rs 32.24 crore. While promoters held 47.48 per cent stake in the company.

Gayatri Projects, incorporated in the year 1989, is a midcap company with a market cap of Rs 3,163.95 crore, operating in the construction sector.