PSP Projects emerges lowest bidder for Rs 296-crore project, shares gain

PSP Projects

Shares of PSP Projects gained more than a percent in early trade on December 11 after the company emerged as the lowest bidder for a project the worth Rs 296 crore in Ahmedabad.

At 9:24am, PSP Projects was quoting Rs 779.60, up Rs 10.65, or 1.39 percent, on the BSE.

"The company has emerged as lowest (L1) bidder for the project of Construction and Maintenance Agency (CMA) for Human and Biological Science Gallery at Science City, Ahmedabad, Gujarat, worth Rs 296.85 crore (excluding GST)," the company said in its release.

With this order, the total value of projects for which the company stands as the lowest bidder amounts to Rs 1,063.86 crore for the financial year 2023-24, which is in addition to the work orders received till date amounting to Rs 1,060.30 crore for the financial year 2023-24, said PSP Projects.

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Earlier in this month, the company received a work order worth Rs 101.67 cores (excluding GST) for domestic project, Construction and Maintenance of Main Building of GBRC, for Gujarat Biotechnology Research Centre (GBRC) at GIFT City Gandhinagar, Gujarat.

The lumpsum turnkey project is to be completed within 18 months and thereafter operation and maintenance work would be carried out for further period of four years.

Also, the company emerged as the lowest bidder for the project of Development of Sabarmati Riverfront for Ahmedabad Municipal Corporation at Ahmedabad, Gujarat, worth Rs 409.93 crore (excluding GST).

The share touched a 52-week high of Rs 846 and a 52-week low of Rs 639.60 on 23 August, 2023 and 09 December, 2022, respectively. Currently, the stock is trading 7.85 percent below its 52-week high and 21.89 percent above its 52-week low.