PSP Projects Ltd stock price

PSP Projects Wins ₹249 Crore Contract for High-Rise Tower at GIFT City, Gujarat

In a significant win for Gujarat’s booming infrastructure, PSP Projects announced on Tuesday, October 8, that it has secured an order worth ₹249 crore to construct the high-rise residential tower ‘SIBAN’ at GIFT City, Gandhinagar. This prestigious project not only reinforces PSP’s position in the competitive real estate sector but also adds a major development to Gujarat’s first operational smart city.

Strengthening its Order Book: A ₹1,714.46 Crore Milestone

With this new order in hand, PSP Projects’ total order inflow for the ongoing financial year has surged to ₹1,714.46 crore. PSP Projects Ltd stock price, This marks a major achievement as the company continues to expand its footprint in both institutional and residential construction.

The company previously announced a slew of new orders worth ₹554.92 crore, including the construction of the Old Stone Hotel and Commercial Towers in Bengaluru. This project, valued at ₹389.29 crore, falls under the institutional category, while the remaining ₹165.04 crore is allocated for constructing residential towers in Ahmedabad.

August Orders Set the Stage for Growth

In August 2024, PSP Projects secured multiple large-scale projects, cumulatively valued at ₹654.67 crore. The biggest contract in this batch was the ₹484.02 crore civil and structural work for the Himalaya Project at Sanand, Gujarat, commissioned by International Refreshments (India) Pvt. Ltd. This project underscores the increasing demand for high-quality infrastructure in Gujarat’s industrial hubs.

Additionally, PSP bagged a ₹102 crore contract for the Ninety Project in Mumatpura, Ahmedabad, further solidifying the company’s presence in the state’s real estate market.

PSP Shares Rally Amid Strong Order Flow

Despite the company’s stock facing a 14% decline this year, the announcement of new contracts boosted investor sentiment. PSP Projects shares were trading 4.28% higher at ₹658.95 apiece at 12:40 PM on Tuesday, October 8, reflecting optimism around the company’s growing order book and future growth prospects.

Conclusion:

PSP Projects continues to secure major contracts, bolstering its order book and reinforcing its leadership in the real estate and construction industry. With its latest ₹249 crore contract to construct the SIBAN high-rise at GIFT City, alongside other prestigious projects in Gujarat and Bengaluru, PSP is well-positioned for sustained growth. The company’s ongoing expansion reflects a robust business strategy focused on high-impact projects that will shape India’s evolving skyline.

FAQs:

1.What is the latest contract secured by PSP Projects?

A. PSP Projects has won a ₹249 crore contract to construct a high-rise residential tower at GIFT City, Gandhinagar, Gujarat.

2.How much is PSP Projects’ total order inflow for FY24?

A. PSP Projects’ total order inflow for the current financial year stands at ₹1,714.46 crore.

3.What are some notable projects PSP Projects is working on?

A. Key projects include the Old Stone Hotel and Commercial Towers in Bengaluru, and residential towers in Ahmedabad.

4.What is the ‘Himalaya Project’ mentioned in PSP’s orders?

A. The Himalaya Project is a civil and structural work contract in Sanand, Gujarat, for International Refreshments (India) Pvt. Ltd., valued at ₹484.02 crore.