Gammon India strengthens on plan to start talks with lenders for debt recast

14 Mar 2013 Evaluate

Gammon India is currently trading at Rs. 27.05, up by 0.25 points or 0.93% from its previous closing of Rs. 26.80 on the BSE.

The scrip opened at Rs. 28.35 and has touched a high and low of Rs. 28.35 and Rs. 27.05 respectively. So far 15490 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 54.45 on 11-Oct-2012 and a 52 week low of Rs. 24.70 on 28-Feb-2013.

Last one week high and low of the scrip stood at Rs. 30.20 and Rs. 26.50 respectively. The current market cap of the company is Rs. 370.60 crore.

The promoters holding in the company stood at 35.26% while Institutions and Non-Institutions held 31.26% and 33.48% respectively.

Construction and engineering company Gammon India’s board has agreed to begin talks with lenders to restructure the company’s debt through the corporate debt restructuring process.

Lethargic industrial capital expenditure has contracted orders for Indian infrastructure companies and big projects have been stalled by a slow approval process and inadequate capital.

Gammon’s prominent lenders include Canara Bank, Allahabad Bank, ICICI Bank. Its total long-term rated facilities are over Rs 10,000 crore.

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