PSP Projects soars 12% on additional work order worth Rs 236 crore

The company has received an additional work order worth Rs 236 crore (including GST) for an institutional project at Gujarat

Shares of PSP Projects advanced 12 per cent to Rs 499 in intra-day trade on the BSE on Friday after the company said it has received an additional work order worth Rs 236 crore (including GST) for an institutional project at Gujarat.

“Further, the company has been ranked the L1 bidder (Lowest Bidder) by a regulatory authority for projects totalling to Rs 420.89 crore (including GST) for construction of medical colleges at multiple locations at Uttar Pradesh,” PSP Projects, on Thursday, said in exchange filing.

On Wednesday, in a separate regulatory filing, the company announced that it has received Letter of Intent (LOI) for a project worth Rs 588.62 crore (including GST) from a private developer at Ahmedabad, Gujarat.

Further, our company has been ranked the L1 bidder by a regulatory authority for projects totalling to Rs 1249.41 crore (including GST) for construction of medical colleges at multiple locations at Uttar Pradesh, it said.

In the past one week, the stock of the construction & engineering company has rallied 20 per cent, against 9 per cent gain in the S&P BSE Sensex in the same period. It hit a 52-week high of Rs 535, on February 11, 2020.

At 02:36 pm, PSP Projects was trading 8 per cent higher at Rs 482 on the BSE, against 0.37 per cent risen in the benchmark index. The trading volumes on the counter more-than-doubled with combined 980,000 equity shares changing hands on the NSE and BSE.