RPP Infra hits record high; stock zooms over 100% in 2016

The stock hit a record high of Rs 232, zoom 121% from Rs 105 at the beginning of 2016.

RPP Infra Projects hit a record high of Rs 232, up 17% on the National Stock Exchange (NSE) in intra-day trade on back of over 10-fold jump in trading volumes.

Till 11:40 am; a combined 2.1 million shares changed hands against an average sub 0.1 million shares that were traded daily in past two weeks on the BSE and NSE.

Thus far in the calendar year 2016, the stock zoomed 121% from Rs 105 at the beginning of the year, as compared to 1% rise in the Nifty 50 index.

The company had reported 23% year on year growth in its net profit at Rs 11.80 crore during the first half (April to September) of current financial year 2016-17 (FY17).

RPP Infra Projects said it has an order book of Rs 844 crore as on September 30, 2016 with projects in irrigation & water line, concrete roads and other engineering, procurement & construction (EPC) spaces. Government contracts accounted for 100% of order book.

In November, the company had bagged an additional contracts worth of Rs 40 crore from TNCSC (Tamilnadu Civil Supplies Corporation) for construction of scientific storage godown (Hi-Tech Godown).

"The Indian government has been undertaking various steps and introducing several incentives to encourage rapid infrastructure development in the country to accommodate and accelerate private investments in the infrastructure sector. RPP infra Project is well poised to gain maximum projects across the Country,” said Arulsundararn - chairman & managing director of the company on November 7, 2016.

RPP Infra Projects , one of the India's leading and fast growing non metro/rural based company located at Tamilnadu and engaged in the business of infrastructure development such as highways, roads, bridges, civil construction works, irrigation and water supply projects and power plant.