Smallcap stock gains 2% after infra firm bags order worth ₹102 crore from Gujarat govt

The company said that the Gujarat Biotechnology Research Centre located at GIFT City in Gandhinagar, Gujarat, has awarded a work order crore under the government category. The project is set to be completed within a period of 18 months. The latest order has taken PSP Projects’ total order inflow for the current financial year 2023-24 (FY24) to ₹1,060.3 crore, so far in the year.

‘The company is in receipt of work order worth ₹101.67 crore (excl. GST) for the project “construction and maintenance of Main Building of GBRC” for Gujarat Biotechnology Research Centre at GIFT City Gandhinagar, Gujarat in government category. The project is to be completed within a period of 18 months,’’ said PSP Projects in a regulatory filing to the stock exchanges.

Further, the Ahmedabad-based construction company has been selected as the Lowest Bidder or L1 bidder for the ‘Development of Sabarmati Riverfront’ project offered by Ahmedabad Municipal Corporation in Ahmedabad, Gujarat. This project is worth ₹409.93 crore, excluding GST.

‘’We hereby confirm that none of the promoters/promoter group/group companies have any interest in the entity/entities from whom the order/contract is received and the award of order does not fall within the purview of related party transactions,” said PSP Projects in its exchange filing.

On Thursday, shares of PSP Projects opened at ₹773.90 and gained 1.67 per cent to hit an intra day high of ₹786.85, against a 52-week high of ₹846.00 apiece on the BSE. The company commands a market capitalization of ₹2,804.94 crore.

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Published: 07 Dec 2023, 05:33 PM IST