PSP Projects surges 27% in two days on winning contract worth Rs 1,575-cr

The stock hit a new high of Rs 466, up 13% on BSE in intra-day trade.

PSP Projects hit a new high of Rs 466, up 13% on BSE in intra-day trade after the company said it has been awarded main contract works at Surat Diamond Bourse, Khajod valued at Rs 1,575 crore.

In past two trading sessions, the stock zoomed 27% from Rs 367 on Monday, September 9, 2017.

“The company has been received Letter of Intent from Surat Diamond Bourse for main contract works at Surat Diamond Bourse, Khajod, Surat, Gujarat. The contract value is Rs 1,575 crore, excluding Goods and Service Tax (GST),” PSP Projects said in a regulatory filing.

A detailed work order and contract document is under process and will follow shortly, it added.

At 10:13 AM; the stock was trading 8% higher at Rs 444, as compared to 0.47% gain in the S&P BSE Sensex. A combined 329,019 shares changed hands on the counter on the BSE and NSE.