RPP Infra: Stock price gives away rally despite new order

The early rally in the shares of RPP Infra Projects fizzled out in the afternoon session. The stock price turned negative despite the report of anther order for the company. The stock has fallen more than 10 per cent from its intraday high.

The company in its stock exchange filing said that it has received a new order worth Rs 62.83 crore. The new order is from Hindustan Petroleum Corporation Limited (HCPL) for the construction of PEB structural shed. The scope of work is for associated civil works for POL Terminal at Dharmapuri, VDPL Project, and Executive Engineer (OS) Division, ALHW for the development of the seaport terminal at Swaraj Dweep in Andaman-Nicobar. The company has a time target of 10 and 20 months, respectively for the order execution.

It also mentioned that with this new order, its order book would be well-placed and might reach Rs 2,000 crore in FY21. As of the end of FY20, the order book stood at Rs 1,788.2 crore.

On Thursday, the stock closed at Rs 54.80, down by 1 per cent on BSE.