Gammon India Gains on Overseas Acquisition
Gammon India gained today on BSE after the company said its overseas units have acquired stakes in two Italian firms. The company made this announcement during trading hours today, 11 June 2008.
The stock hit a high of Rs 385 and a low of Rs 368 so far during the day. The stock had a 52-week high of Rs 845 on 4 January 2008 and a 52-week low of Rs 361 on 7 April 2008.
The company through its subsidiaries has acquired 50% stake in Italy based Sadelmi S.p.a., a company engaged in balance of plant mainly for the power sector. Another acquisition was that of a 75.1% stake in Franco Tosi Meccanica S.p.a., Italy, a company engaged in the manufacture of steam turbines for thermal and hydroelectric plants.
Gammon India provides engineering services and construction of services. It operates in plan, design and undertakes construction of roads, highways, bridges and other projects.
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