Over the last year or so, the infrastructure stocks are buzzing due to the companies’ getting orders at a furious pace and the pace of ordering that is coming for most infrastructure-related names is pretty interesting and it reminds us of a famous saying, namely, Eat, Sleep, Conquer (Order conquered) and repeat! Literally this has been the pattern for the orders received by the infrastructure companies. And, it only is getting bigger and better day by day as PSP Project Limited announced that the company is in receipt of a new order worth Rs 317.13 crore (excluding taxes).
PSP Projects Limited is a multidisciplinary construction company offering a diversified range of construction and allied services across industrial, institutional, government, government residential and residential projects in India.
The company via a press release has informed that it is in receipt of a new work order worth Rs 317.13 crore (excluding taxes) in Government category. The Name of the entity awarding the order is Narmada, Water Resources, Water Supply & Kalpsar Department. Nature of order is Item Rate Contract (Scope- Turnkey Project). Time period by which the order is to be executed is within 18 months. With receipt of the above orders, the total order inflow during the financial year 2023-24 till date amounts to Rs 758.38 crore.
On Monday, the stock is trading with gains of over 1.5% with a total trade volume of 0.82 lakh shares. The stock is close to its 52-week high and hence, it is trading above its key short- and medium-term moving average. Interestingly, all the moving averages are in desired sequence and trending upwards. The RSI is still in a good shape but it is now inching closer to the overbought zone. The daily MACD is pointing northward while sustaining above its nine periods average, thus validates positive bias in the stock.
FII/FPI have increased holdings from 2.27% to 2.47% in March 2023 quarter. Institutional Investors have increased holdings from 6.47% to 7.03% in March 2023 quarter.
Interestingly, Mr. Sunil Singhania’s Abakkus Emerging Opportunities Fund- 1 holds 1.51% stake in the company.
The stock has more than doubled in the last three years by providing multibagger returns of 122% and in the last one-year the stock is up by 59%. The company will announce its earnings for the quarter ended March 31, 2023 on May 18.