Shares of PSP Projects Ltd witnessed a 1.92% surge to ₹799.10 on BSE today, following the company's successful bid for a project managed by Narmada's water resources department. The project, valued at ₹357.08 crore, has provided a significant boost to the company's market cap, which now stands at ₹2,812.86 crore (INR100 crore = approx. USD12 million).
The day concluded with PSP Projects' shares trading at ₹781.35, and a turnover of ₹1.29 crore on BSE. The stock's low volatility, as indicated by a one-year beta of 0.8, coupled with a balanced Relative Strength Index (RSI) of 55.4, reflects stable market dynamics.
This stability complements the robust performance exhibited by PSP Projects in Q3 2023, where the company reported a substantial sales increase of 72.13% and a net profit surge of 78.78% year-on-year. This growth trajectory is expected to continue as the company embarks on executing the newly won project under Narmada's water resources department.
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