PSP Projects gallops after winning order

PSP Projects jumped 7.71% to Rs 444.10 at 9:47 IST on BSE after the company said that it has been awarded main contract works at Surat Diamond Bourse, Khajod valued at Rs 1575 crore.

The announcement was made after market hours yesterday, 10 October 2017.

Meanwhile, the S&P BSE Sensex rose 136.40 points or 0.43% to settle at 32,060.81. The S&P BSE Small-Cap index gained 117.17 points or 0.69% to settle at 17,009.67, outperforming the Sensex's gains.

Slight rise in volumes was witnessed on the counter. On the BSE, 48,482 shares were traded on the counter so far as against the average daily volumes of 36,806 shares in the past one quarter. The stock had hit a high of Rs 465.75 in intraday trade, which is also a record high for the stock. The stock had hit a low of Rs 435 so far during the day. The stock had hit a record low of Rs 189.05 on its listing day on 29 May 2016.

The stock has surged 23.63% in four sessions to its ruling price from a close of Rs 359.20 on 5 October 2017.

The stock had outperformed the market over the past one month till 10 October 2017, gaining 15.12% compared with the Sensex's 0.75% rise. The stock had also outperformed the market over the past one quarter, jumping 41.15% as against the Sensex's 0.66% rise.

The small-cap company has equity capital of Rs 36 crore. Face value per share is Rs 10.

PSP Projects said that project is estimated to take 30 months for completion.

PSP Projects was listed on the bourses on 29 May 2017.

PSP Projects' net profit rose 80.8% to Rs 13.56 crore on 81% rise in net sales to Rs 155.80 crore in Q1 June 2017 over Q1 June 2016.

PSP Projects is a multidisciplinary company developing industrial, institutional, government, government residential and residential projects in India. Services offered are across the construction value chain, ranging from planning and design to construction and post-construction activities to private and public sector enterprises.

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