Shares of RPP Infra Projects hit a 5% upper circuit on 1 January after the company announced securing new orders worth Rs 183.59 crore.

In its regulatory filing, the company said that it has secured three new construction orders for integrated storm-water drain projects in Greater Chennai Corporation’s expanded areas. The company has accepted a LoA (letter of acceptance) for Package 4, which is valued at Rs 70.50 crore, Package 8 at Rs 59.92 core, and Package 5 at Rs 53.17 crore.

The scope of the project involves the development of storm-water drain infrastructure in the M1 and M2 components of the Kovalam Basin, which has to be completed within 24 months from the date of appointment.

Moreover, the company said that these three projects highlight the company’s ongoing commitment to infrastructure development, specifically in the crucial domain of storm-water management for the extended regions of Greater Chennai Corporation.

In a period of six months, the shares of the company have given a return of more than 113% and a return of 196%, making the stock a multi-bagger stock of 2023.

At 12:44 pm, the shares of RPP Infra Projects were locked 4.99% higher at Rs 121.95 on NSE.