Shares in Gayatri Projects soared after the company's board approved conversion of loans to equity to help trim debt. The stock hit a new 52-week high of Rs 239 on the NSE.
The company's board had approved an 1.62 million equity shares to the promoters of the company by way of conversion of unsecured loan worth Rs. 33 crore extended by them. This was seen as a huge positive by the markets for the company.
Gayatri projects is a major player in the infrastructure space with huge presence in irrigation, road projects and power transmission.
The shares has also rallied as analysts are generally bullish on the infrastructure thrust that the government is providing.
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