PSP Projects Ltd rises on receiving new orders

The construction engineering company, PSP Projects Ltd announced on Monday post-market session that the company has secured new orders worth Rs 1,491.34 crore in the state of Uttar Pradesh. Reacting to the news, its share jumped 5.6 per cent, recording an intraday high of Rs 505, during the early trading session on BSE. 

The Ahmedabad-based company informed the bourses that it has received a letter of acceptance (LoA) amounting to Rs 1,491.34 crore (exclusive of GST) to construct medical colleges and hospitals at multiple locations in Uttar Pradesh.

Besides, the company has also received a new order worth Rs 25.58 crore (exclusive of GST) for the construction of residential and institutional projects from various Gujarat-based clients. 

The company has a total order book of Rs 2,436.86 crore (excluding GST) on a YTD basis. Meanwhile, the company’s outstanding order book as of December 2021 stood at Rs 4,736.88 crore (excluding GST). 

Location-wise, the company’s majority of revenue is generated from Gujarat (94 per cent) while revenue generated from Rajasthan, Karnataka and Maharashtra stand at 3 per cent, 2 per cent, and 1 per cent, respectively. 

At 11.01 am on Tuesday, its share was trading 1.73 per cent higher at Rs 486.45. It reported a 52-week high of Rs 506 and a 52-week low of Rs 233.80 on BSE.