PSP Projects shares gain as firm wins Rs 357-crore order

Shares of PSP Projects Ltd gained 2% on Monday after the company emerged as the lowest bidder (L1 Bidder) for the project ‘Development of Dharoi Dam region as a World Class Sustainable Tourist/Pilgrimage Destination (Package – 2)’ for Narmada, water resources, water supply & kalpsar department, Dharoi, Gujarat. The value of the project is worth Rs 357.08 crore (excluding GST). 

PSP Projects share gained 1.92% to Rs 799.10 against the previous close of Rs 784 on BSE. Market cap of the firm stood at Rs 2,812.86 crore.  

Later, PSP Projects shares closed at Rs 781.35. A total of 0.17 lakh shares of the firm changed hands, amounting to a turnover of Rs 1.29 crore on BSE.  

The stock has a one-year beta of 0.8, indicating low volatility during the period.   

In terms of technicals, the relative strength index (RSI) of PSP Projects stands at 55.4, signaling the stock is neither oversold nor overbought. PSP Projects shares stand higher than the 5 day, 10 day, 20 day, 100 day, 200 day but lower than the 50 day moving averages.      

"Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to inform that the company has emerged as Lowest Bidder (L1 Bidder) for the project 'Development of Dharoi Dam region as a World Class Sustainable Tourist/Pilgrimage Destination (Package – 2)' for Narmada, Water Resources, Water Supply & Kalpsar Department, Gujarat at Dharoi, Gujarat with bid value worth Rs 357.08 crore (excl. GST)," the firm said. 

The firm reported a 72.13% rise in sales of Rs 619.65 crore in September 2023 quarter against Rs 359.98 crore in September 2022 quarter. Net profit climbed 78.78% to Rs 38.52 crore in September 2023 quarter from Rs 21.55 crore in September 2022. EBITDA grew 71.66% to Rs 78.55 crore in September 2023 quarter from Rs 45.76 crore in September 2022 quarter. 

PSP Projects is a construction company, which offers a diversified range of construction and allied services across industrial, institutional, government, and residential projects in India. It provides services across the construction value chain, ranging from planning and design to building and post-construction activities, including mechanical, electrical and plumbing (MEP) work and other interior fit-outs. 

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