Sadbhav Engg to sell stake in Mumbai Nasik Expressway; stk at 52-week high

MUMBAI: Shares of Sadbhav Engineering gained momentum in early trade and hit 52-week high as the company signed an agreement with Gammon Infrastructure Projects to sell 19.99 per cent of its stake in Mumbai Nasik Expressway for Rs 72 crore.

This is second day of gains for the stock. The scrip surged in the preceding session on the back of strong Q3 results.

The company reported net profit of Rs 37.73 crore, up 45.45 per cent, from Rs 25.94 crore in the corresponding quarter last fiscal. Total income increased to Rs 723.52 crore in December 2014 quarter, up 15.45 per cent, from Rs 626.77 crore in year-ago period.

At 10:40 a.m.; the stock was at Rs 324.80, up 1.93 per cent, on the BSE. It hit 52-week high of Rs 341 intraday.