Gammon Infrastructure Projects is trading 5% higher at Rs 18.70 after reporting 73% year-on-year jump in its consolidated net profit at Rs 8.51 crore for the quarter ended March 2011. Total income grew 19% to Rs 98.66 crore in the recently concluded quarter.
 
“The board of directors of the company approved the proposal of rights issue up to an amount of Rs 200 crore, subject to the terms being finalized with Merchant Bankers," the company said in a filing to the stock exchanges. However, the board has deferred consideration of issue of preference shares to Gammon India Limited.
 
The stock opened at Rs 18.30 and touched high of Rs 18.90 on the NSE. A combined 90,000 shares have changed hands on the counter in opening deals.