Shares of RPP Infra Projects were locked at the upper circuit on March 6 after the company received a new project worth ₹80.98 crore from the Chennai Metropolitan Water Supply & Sewerage Board. At 9:23 AM, the stock was trading at ₹137.55 on the BSE, rising by ₹6.55 or 5 percent, with no sellers available and 8,219 pending buy orders.
The project is to improve water supply facilities. It comprises constructing underground water tanks, water distribution centers, and feeder main installations. The project also involves replacement of PVC water mains, replacement of checked-up water mains, and strengthening of existing pipes in a number of depots in Area IV and Area V under Vada Chennai Valarchi Thittam in Tamil Nadu.
This is not RPP Infra’s first major project victory in recent months. RPP Infra received an order for ₹108.80 crore from State Industries Promotion Corporation of Tamil Nadu on February 28. Earlier, on January 27, it received a ₹87.56 crore project from the Greater Chennai Corporation.
The financial performance of RPP Infra has also been good. December quarter net profit was 17 percent more on a year-on-year basis and was ₹18.87 crore. The stock has traveled a long way in the last 52 weeks, with a 52-week high price being ₹255 on December 18, 2024, and a 52-week low price being ₹97.05 on March 14, 2024. The stock is trading 48.63 percent below 52-week high and 34.98 percent above 52-week low.
With a strong order book and improving financials, investor sentiment remains positive for RPP Infra Projects.
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Source: Moneycontrol.
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