Vishnu Prakash R Punglia gains 9% on Rs 899 crore letter of award from Uttarakhand

Shares of Vishnu Prakash R Punglia witnessed a nearly 9 percent increase during early trades on December 27. The surge came after the company received a letter of award for two projects from the Government of Uttarakhand. At 9:20 am, the stock was trading at Rs 236.55.

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In a regulatory filing on December 27, Vishnu Prakash R Punglia said that it had received a Letter of Award from Government of Uttarakhand for two projects worth Rs 899 crore. As per the letter of award, Vishnu Prakash will develop water supply system with 18 years operation and maintenance (O&M), in Haldwani and Kotdwar, Uttarakhand.

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The construction company was listed on both bourses in September this year with bumper listing gains of almost 47 percent, closing at Rs 145.70 on the NSE. Since listing, the stock has gained over 49 percent and was trading on December 26 at Rs 218. In Q2FY24, the company reported a standalone net profit of Rs. 21.25 crore in September 2023 up 22.99 percent from Rs. 17.27 crore in September 2022. EBITDA for the same period stood at Rs. 39.97 crore in September 2023 up 26.77 percent from Rs. 31.53 crore in September 2022.

The Jodhpur-based company has principal business operations in the field of water supply, railways, roadways and irrigation networks.

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