Gammon Infra up 18%

Gammon Infrastructure hit an intra day high today at Rs.5.08, up almost 18%. Its 52-week high is at Rs.6.39.

The market is thrilled with the news that it has acquired from Noatum Ports, S. L., Spain; 24,375,840 equity shares of Rs. 10/- each of Indira Container Terminal (ICTPL). This is 24% of total paid up capital of ICTPL for an aggregate consideration of Rs15 crore.

Upon acquisition, ICTPL has become subsidiary of the Company with increased shareholding from 50% to 74% of the paid up equity share capital of ICTPL.

This big time infra stock too has turned into a penny stock, what with its huge debt burden. It has ended Q3FY17 with a 87% (YoY) drop in net profit at Rs.2 crore on a 66% fall in net sales at Rs.37 crore.