Shares of PSP Projects Ltd. dropped by 3% after touching a day’s high of Rs 713.05 on 14th August, despite the company’s announcement that it had secured multiple orders worth Rs 654.67 crore.

The first order is valued at Rs 484.02 crore and is for civil and structural work on the ‘Himalaya’ project in Sanand, Gujarat, for International Refreshments (India) Pvt Ltd, with a completion timeline of 14 months.

The second order is worth Rs 102 crore and is for constructing the ‘Ninety’ project in Mumatpura, Ahmedabad, for PSP Properties LLP, with a completion timeline of 10 months. The company’s managing director and CEO, Prahaladbhai S. Patel, is a designated partner in PSP Properties LLP.

The company also secured small-value work orders totalling Rs 67.65 crore. With these new orders, the company’s total order inflow for this fiscal year is now Rs 889.98 crore.

The company announced it was the lowest bidder for constructing a hotel and secondary high school worth Rs 168.13 crore.

The company’s market capitalisation dropped to Rs 2,677 crore. The stock is down 10.42% so far this year.

At 3:30 PM, the shares of PSP Projects Ltd. closed 2.10% lower at Rs 677 on the NSE.

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