Maytas Infra was locked at upper limit of 5% at Rs 149.45 on th BSE after the company got a contract worth Rs 790 crore from IL&FS Transportation Networks to build a part of a four-lane highway in Maharashtra.
The announcement was made before trading hours today, 5 November 2009.
Meanwhile, the BSE Sensex was down 226.65 points, or 1.42%, to 15685.48.
On BSE, 1.27 lakh shares were traded in the counter as against an average daily volume of 5.86 lakh shares in the past one quarter.
The stock hit a low of Rs 142 so far during the day. The stock had hit a 52-week high of Rs 520 on 15 December 2008 and a 52-week low of Rs 31.40 on 9 March 2009.
The stock had outperformed the market over the past one month till 4 November 2009, rising 9.75% as compared to the Sensex 7.13% fall. It outperformed the market in past one quarter, soaring 60.30% as against 0.51% rise in the Sensex.
The small-cap infrastructure developer has an equity capital of Rs 58.85 crore. Face value per share is Rs 10.
The Company Law Board, based on an application by Maytas, had recently instructed the company to induct IL&FS Financial Services as a promoter and allow it to assume management control.
Maytas Infra was earlier headed by B Teja Raju, the eldest son of B Ramalinga Raju, the jailed founder of Satyam Computer Services. Before IL&FS Financial Services took over the board, the infrastructure firm had been struggling to stay afloat after the Rs 7,136 crore fraud at the software services firm was disclosed in January 2009.
Maytas Infra reported a net loss of Rs 16.28 crore in Q1 June 2009 compared with a net profit of Rs 20.05 crore in Q1 June 2008. Sales fell 45.8% to Rs 207.98 crroe in Q1 June 2009 over Q1 June 2008.