PSP Projects shares climb up 5% on receiving orders worth Rs 555 cr
Source: Business Standard
Shares of PSP Projects, a civil construction firm jumped 5.10 per cent at Rs 708.90 per share on the BSE in Monday’s intraday trade. PSP Projects stock price soared after the company said that it has received work orders totaling Rs 554.92 crores
The first order involves construction of ‘Gold Stone Hotel and Commercial Towers’ in Bangalore, Karnataka, valued at Rs 389.29 crores in the institutional category. This project is scheduled for completion within 22 months and 16 months, respectively.
The second order pertains to building ‘Residential Towers’ in Ahmedabad, with a value of Rs 165.04 crores (excluding GST) and a completion period of 24 months.
With these new orders, the total order inflow for the financial year 2024-25 has now reached Rs 1,444.91 crores, the company said in an exchange filing on Monday.
PSP Projects Limited is a multidisciplinary construction company offering a diversified range of construction and allied services across industrial institutional government government residential and residential projects in India. It provides services across the construction value chain ranging from planning and design to construction and post construction activities to private and public sector enterprises.
The company reported a net profit slump of 8.3 per cent, reaching Rs 34.68 crore for the quarter ended June 2024,down from Rs 37.84 crore in the same quarter last year. Sales rose 21.4 per cent to Rs 623 crore, compared to Rs 513 crore during the previous year’s quarter.
Tha market capitalisation of PSP Projects is Rs 2,743.21 crore, according to Bombay Stock Exchange (BSE).
Its shares are trading at a price to earnings multiple of 22.01 times with an earning per share of Rs 30.04. The 52-week high of the company share is Rs 816.20 per share while its 52-week low is Rs 598 apiece.
At 12:11 PM, PSP Projects shares were trading 2.60 higher at Rs 692. In comparison, the BSE Sensex was trading 0.19 per cent higher at 84,703 levels.
First Published: Sep 23 2024 | 12:15 PM IST
