Gayatri Projects gains on receiving LoA from Odisha Mining Corporation

Gayatri Projects gained 0.86% to Rs 17.6 after the company said it has received a letter of award (LoA) for a contract from The Odisha Mining Corporation.

Sep 25, 2020 01:09 IST capital market

The Odisha Mining Corporation (OMC) has selected Gayatri Projects as mine operator for Putulpani quarry of Gandhamardan Block-B Iron Ore Mine in Kendujhar, Odisha. Awarded value of the contract is Rs 33.23 crore.

The contract is for one year for a total quantity of 10 lakh MT/year. It is further extendable on yearly basis under mutual consent of both the parties with the approval of OMC.

Gayatri Projects is the flagship company of the Gayatri Group that has interests in infrastructure, power, hospitality, real estate and industry.

On a consolidated basis, the company recorded a net loss of Rs 13.77 crore in June quarter as compared to a net profit of Rs 48.08 crore reported in the same period last year. Net sales tumbled 32.1% to Rs 667.95 crore in Q1 FY21 over Q1 FY20.

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