RPP Infra Projects surges 7 per cent on receiving new orders
RPP Infra Projects Limited (RPP-SMC JV) has received a letter of acceptance (LoA) for a new project worth Rs 176.58 crore.
The work includes strengthening & widening of Tirunelveli-Sengottai-Kollam road of SH-39 from km5+000 to km27+700 (package-I). The road is a four-lane highway. The contract price of the project is estimated to be Rs 176.58 crore.
RPP Infra Projects Ltd (60 per cent holding) along with its JV partner (40 per cent) will invest in the project as per their capacity. Besides, the work is expected to be completed within the stipulated time period.
Furthermore, the company has set to book order worth Rs 2,000 crore by the end of this financial year. These orders will help the company to improve its financials as well as increase profitability.
The shares of the company reacted positively and were up by 7 per cent during the early morning hours on Thursday. At 2.31 pm, the company’s stock was trading at Rs 70.05, up by 2.64 per cent against its previous close of Rs 68.25 on BSE.
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