Shares of Vishnu Prakash R Punglia Ltd, a certified integrated engineering, procurement, and construction (EPC) firm, soared over 7 percent in trade on Tuesday to hit a fresh high of Rs 189.11 on the BSE after the company announced that it has won a new order from the Madhya Pradesh government.
The company said that it has received a Letter of Award (LoA) from the Madhya Pradesh Jal Nigam for Rs 634.41 crore drinking water supply scheme project.
The scope of the work includes engineering, procurement, construction, testing, commissioning, trial run and operation and maintenance for 10 years of Chillar Dam Multi-Village Drinking Water Supply Scheme, District Shajapur, in a single package on ‘Turn-key Job Basis’.
After the announcement, the stock jumped as much as 7.2 percent to hit its record high of Rs 189.11 on BSE. In intra-day trade, the stock recovered as much as 12 percent from the day’s low of Rs 169.
Notably, Vishnu Prakash R Punglia shares were listed on stock exchanges only earlier this month on September 5. The stock debuted at Rs 165 apiece on the National Stock Exchange, a premium of 66.7 percent over its IPO (initial public offer) price of Rs 99.
The stock was listed at Rs 163.30 apiece on BSE, at a premium of 65 percent against the issue price. In the past one week the stock has gained more than 7 percent.
The IPO consisted of entirely a fresh issue offering of up to 3.12 crore equity shares and was subscribed around 88 times.
Vishnu Prakash R Punglia had recorded a net profit of Rs 44.85 crore in the year ended on March 31, 2023 as against a net profit of Rs 18.98 crore in the year-ago period.
The company's revenue from operating improved to Rs 785.61 crore from Rs 485.73 crore during the period under review. As on July 15, the company’s order book stood at Rs 3,799.53 crore.
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