• Second best performer on the Nifty Midcap Index
• Gains as much as 5.6 percent to Rs 498.8
• Up for the fourth straight day
• Biggest one-day gain in a month
• Today's volumes are 2.3 times higher than its 30-day average
• Up 75 percent from its 52-week low of Rs 284.05 on March 19, 2020
• 21 out of the 36 analysts tracking the stock have a buy recommendation; 8 sell calls
• The stock currently trades 3.2 percent higher than its 12-month Bloomberg consensus price target of Rs 481, implying a negative return potential

The company's Strategic Engineering Division signed a contract with the Ministry of Defence for modernisation of 37 airfields of the Indian Airforce, Navy and the Coast Guard.

The contract, with an estimated value of Rs 1,200 crore will have to be executed over the next 4 years, as per the company's exchange filing.

The contract involves supply, installation and commissioning of modern airfield equipment along with other navigation aids and Air Traffic Management Systems.

Shares are fluctuating between gains and losses, currently trading 0.4 percent lower at Rs 28.40.

• Benchmark indices cool off from day's high
• Nifty up 0.77 percent at 9,322
• Sensex up 0.73 percent at 31,873
• Nifty Bank down 0.5 percent at 19,255
• Nifty Midcap Index up 1 percent
• Nifty Smallcap Index up 0.25 percent
• India Volatility Index down 1.6 percent to 37.8
• Nifty PSU Banking Index is the only other sectoral laggard; down 0.5 percent
• Nifty I.T. and Nifty Media hold on to gains of over 2 percent
• Nifty Realty and Nifty Metal Index up 1 and 1.5 percent respectively
• Nifty Pharma Index gives up gains; turns negative
• Tata Motors remains top Nifty gainer; up 6.4 percent
• ICICI Bank is the top Nifty laggard; down 3 percent
• 928 stock on the NSE are advancing while 763 trade with losses

The company reported a 36 percent decline in its net profit compared to the previous year in the fourth quarter. The real estate player's net profit for the period stood at Rs 101 crore.

The impact on profitability was also due to a 17 percent year-on-year drop in other income, which fell to Rs 125 crore.

Revenue for the company rose 10 percent compared to last year to Rs 1,160 crore.

The company had shared its operational update in April where it reported a 10 percent rise in total bookings while selling over 3,000 homes.

The board has also approved raising funds up to Rs 1,000 crore by issue of Non-Convertible Debentures (NCDs). A committee of Directors will take a call on the quantum, timing and terms and condition of the same.

The company will hold its Annual General Meeting (AGM) on August 5, 2020.

Shares fluctuated after the earning announcement, cooling off from the day's high to fall as much as 0.9 percent before recovering again. They currently trade 2 percent higher at Rs 629.75.