Promoter offloads 1.7% stake in PSP Projects via bulk deal

As of the December quarter, Shilpaben P Patel held a 6.76% stake in PSP Projects.

Meanwhile, foreign investor Societe Generale has bought 1.7% of the company, according to bulk deal data available with NSE.

According to the shareholding pattern, the company is majority owned by promoters and promoter groups. Among the public shareholders, mutual funds own about 2.25% stake, while retail investors hold 17%.

On Friday, shares of PSP Projects closed 0.15% lower on Monday at Rs 670.05 apiece on NSE. The shares have remained under pressure in 2023 so far, losing 5.30% on a year-to-date basis. In the last year period, the shares have risen 22.22%.

PSP Projects is a multidisciplinary construction company offering a diversified range of construction and allied services across industrial, institutional, government, government residential and residential projects in India.

It provides services across the construction value chain, from planning and design to construction and post-construction activities, including MEP work and other interior fit-outs, to private and public sector enterprises.The company is currently constructing world’s biggest office complex (Surat Diamond Bourse), having contract value of Rs 1575 crore and 66 lakh Sq ft built-up area.

According to Trendlyne data, PSP Projects has an average target price of Rs 798, showing an upside of 19% from the current levels.

Brokerage Axis Securities has a buy call on PSP Projects with a target price of Rs 752. PSP Projects is a smallcap company having a market cap of Rs 2,417 crore.

In the latest December 2022 quarter, PSP Projects reported a 29% fall in net profit at Rs 35 crore. Revenue from operations saw a growth of 3% year-on-year to Rs 500 crore.