PSP Projects jumps on emerging lowest bidder for UP project

PSP Projects said it emerged as the lowest (L-1) bidder for development and beautification of Shri Kashi Vishwanath Dham at Varanasi in Uttar Pradesh with bid value of Rs 339 crore.

The announcement was made on Saturday, 28 December 2019.

Last week, the company emerged as the lowest (L-1) bidder for construction of proposed GIDC Tech-Hub at GIFT City in Gujarat with bid value of Rs 307.53 crore.

PSP Projects jumped 4.4% to Rs 511. The stock trades below its 50 days and 100 days simple moving average placed at 522.35 and 518.65 respectively. These levels will act as resistance in near term.

On a consolidated basis, PSP Projects' reported 87.5% jump in net profit to Rs 32.52 crore on a 47.2% increase in net sales to Rs 312.11 crore in Q2 September 2019 over Q2 September 2018.

PSP Projects is a multidisciplinary construction company offering a diversified range of construction and allied services across industrial, institutional, government, government residential and residential projects in the country.

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