PSP emerges the lowest bidder for order worth Rs 308 crore, stock shines

On December 21, 2019, PSP Projects informed the bourses that it has emerged as the L-1 Bidder for EPC Design and Build Construction of proposed GIDC Tech-Hub at GIFT City, Gandhinagar, Gujarat, with bid value of Rs 307.53 crore.

Earlier this month, the company has secured a major work order for civil construction of Nestle India Plant at Sanand, Ahmedabad, Gujarat, worth Rs 99.72 crore.

As of September 2019 ended quarter, the company's order book was of almost Rs. 3,190.9 crore, which gives a good revenue visibility for the next 3 years. During FY19, the company has secured an order worth Rs 1,152.95 crore on a standalone basis excluding the current order book.

With this development, the stock reacted positively and surged nearly 3 per cent in to touch an intra-day high of Rs 520. At 11.08 hours the stock was trading at Rs 515.3 apiece, up by 2 per cent from the previous close.