Shares of PSP Projects Limited darted up over 5 percent to Rs 709 in the afternoon of September 23 after it announced that it has secured work orders worth Rs 555 crore across its business verticals.
Per the company's exchange filing, the orders include the construction of Gold Stone Hotel and Commercial Towers in Bengaluru worth Rs 389.29 crore in the institutional category and the construction of residential towers in Ahmedabad valued at about Rs 165.04 crore.
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In Bengaluru, the Gold Stone Hotel is expected to be completed in 22 months, while the commercial towers are to be completed within 16 months. The residential towers in Ahmedabad are to be completed within 25 months, the press release stated.
With the receipt of the above orders, the total order inflow for the financial year 2024-25 to date
amounts to Rs 1,444.91 crore.
This is the company's second big order in a month. In mid-August, the company secured orders worth Rs 654.6 crore for the civil and structural work for the project 'Himalaya' at Sanand, Gujarat for International Refreshments (India) Pvt Ltd. The project is to be completed within 14 months. The second order, worth Rs 102 crore, is for the construction of project 'Ninety' at Mumatpura, Ahmedabad. The project is from PSP Properties LLP and is to be completed within 10 months.
At about 12:45 pm, shares of the company were trading at Rs 695, higher by 3 percent from the last close on the NSE. PSP Projects share price has been on a poor run, slipping 10 percent since the start of the year.
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