Gayatri Projects Ltd wins arbitration for expressway in Hyderabad City

The company has announced regarding arbitration proceedings in connection with the Project "Construction of B lane access controlled Expressway as outer ring road to Hyderabad city in the stretches from Patancheru to Shamirpet from km.23,700 to km.61.700 (Northern Arc) (Package2 from km.35.000 to 46.000 Mallampet-Dundigal)", an amount of INR 49.74 Crores has been awarded in favour of GAYATRI PROJECTS LIMITED ("the Company") along with future interest @1O% p.a. till the date of payment.

The proceeds from the arbitration award will be fully utilized towards reducing debt and improving balance-sheet leverage. This is in line with company's corporate strategy of pushing ahead with an asset-light business model and significantly reducing balance-sheet leverage.

Shares of Gayatri Projects Limited was last trading in BSE at Rs. 52.1 as compared to the previous close of Rs. 53.4. The total number of shares traded during the day was 130958 in over 1086 trades.

The stock hit an intraday high of Rs. 54.8 and intraday low of 51.05. The net turnover during the day was Rs. 7011806.

Source : Equity Bulls

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