PSP Projects jumps ~1% as it emerges as lowest bidder for Rs 296 crore project

11 Dec 2023 , 10:59 AM

PSP Projects’ shares rose more than a percent in early trading on December 11 after the business was revealed to be the lowest bidder for a Rs 296 crore project in Ahmedabad.

At around 10.34 AM, PSP Projects was trading 0.90% higher at Rs 776.15, against the previous close of Rs 769.20 on NSE.

The business was named the lowest (L1) bidder for the Construction and Maintenance Agency (CMA) project for the Human and Biological Science Gallery at Science City in Ahmedabad, Gujarat, costing Rs 296.85 crore (without GST), according to a press statement.

With this order, the overall value of projects for which the business is the lowest bidder amounts to Rs 1,063.86 crore for the fiscal year 2023-24, which is in addition to the work orders obtained to date for the fiscal year 2023-24, according to PSP Projects.

Earlier this month, the business obtained a work order for a domestic project, Construction, and Maintenance of the Main Building of GBRC, for Gujarat Biotechnology Research Centre (GBRC) at GIFT City Gandhinagar, Gujarat.

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