Micro caps with a bullish sentiment

AJR Infra and Tolling: Declining fortunes Promoted by Gammon India, AJR is a pan-India infra-project developer. It provides services in three segments: project development, project advisory, and sector-specific operations and maintenance. The company has a pan-India presence and is currently involved in over 10 projects across the country. Its 20-year experience could help the company benefit from the government's increased focus on infrastructure projects. But over the past five years, its revenues have declined, losses have piled up and its promoters have pledged 100 per cent of their shareholding. The company has been plagued by several issues such as execution delays, cost overruns, litigation, etc. Although it is operating in an attractive environment, its financial position has been steadily sliding. The capital-intensive nature of the business, coupled with high leverage, has resulted in steady losses in its subsidiaries over the year