India's Sumit Woods hits upper circuit after parent wins project contract

** Shares of Sumit Woods SUMIT rise 5% and hit upper circuit at ~41 rupees, its highest level since Feb. 10

** Stock sees busiest day in nearly a year, with a trade volume of over 640,000 shares

** SUMW's parent firm Sumit Group selected as developer for a project in Malad East, with revenue potential of about 2.3 bln rupees ($27.6 mln)

** Including session's gains, stock up 31% YTD

($1 = 83.3875 Indian rupees)