Shares of PSP Projects were up 9 per cent to Rs 422 on the BSE in Monday’s intraday trade on the BSE, after the company announced the receipt of new projects worth around Rs 422 crore. The stock of realty company had hit a 52-week high of Rs 506 on February 8, 2021.
“The company is in receipt of letter of intent(s) (LO]) and work orders (WO) for new projects worth Rs 421.87 crore (excluding GST) towards institutional, industrial, residential and precast segments from various clients. With the receipt of the above, the new LOIs/ WOs received during the financial year 2021-22 till date amounts to Rs 637.23 crore (excluding GST),” PSP Projects said in exchange filing.
Earlier in September, the company informed that it had received LOI for projects worth Rs 132.57 crore (excluding GST) towards industrial and precast segment from different clients in Gujarat.
At 11:16 am; the stock was trading 4 per cent higher at Rs 466 on the BSE, as compared to 0.01 per cent decline in the S&P BSE Sensex. The trading volumes jumped over 10-fold compared to the last few sessions with a combined 3.9 million equity shares changing hands on the NSE and BSE at the time of writing this report.
In the past six months, the stock of PSP Projects has, however, underperformed the market with gain of 3 per cent, as against 23 per cent rally in the S&P BSE Sensex.
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