Gammon India stocks up over 9% on EPC biz investment proposal

Gammon India shares on Thursday surged over 9% after the company said its board will consider a proposal for investment in its engineering, procurement and construction business.

The stocks soared 9.43% to Rs 12.53 on BSE. At NSE, it zoomed 9.65% to Rs 12.50.

On the volume front, 1.38 lakh shares of the company changed hands at BSE and over 4 lakh shares were traded at NSE during the day.

Gammon India on Wednesday said that its board this week will consider a proposal received for the investment in the company's engineering, procurement and construction business.

"A meeting of the board of directors of the company will be held on April 2, 2016, to consider a proposal received from an investor for investment in the company's Engineering, Procurement and Construction (EPC) business," Gammon India had said in a BSE filing. 

At 1321 hours, the shares of Gammon India were trading up 8.65% slightly lower from its morning level, or Rs 0.99 at Rs 12.44 per scrip on the BSE.