Vishnu Prakash R Punglia shares zoom 12% on bagging ₹899 cr order from Uttarakhand govt

Shares of Vishnu Prakash R Punglia (VRPRL) surged 11.7% on Wednesday to hit a 52-week high of ₹242.45 apiece on the BSE, a day after the recently listed homegrown infrastructure company bagged an order worth ₹898.7 crore from the Uttarakhand government.

According to the regulatory filing, the Jodhpur-based infrastructure company bagged an order worth ₹525.49 crore for the development of the water supply system with operation and maintenance in the Haldwani district. The company has also bagged an order worth ₹373.21 crore for the development of the water supply system at Kotdwar (Zone 2) in Uttarakhand.

Following the development, the share price of the company opened higher at ₹238.85, up 37.7%, as against the previous closing price of ₹216.95. The share price of the company closed 4.06% higher at ₹224.65. This is in line with the broader BSE Sensex which gained 701.63 points to close at an all-time high of 72,038.43.

The company’s market capitalisation stood at ₹2,800.13 crore as more than 7.6 lakh shares exchanged hands as against the two-week average of 3.53 lakh shares. The company hit a 52-week low of ₹144 on September 5 this year.

Vishnu Prakash R Punglia made the stock market debut on September 5 this year listing on both BSE and NSE. On the NSE, the Rajasthan-based infrastructure company listed at ₹165 apiece, at a premium of 66.66% to the issue price of ₹99 per share. On the BSE, the company’s stock opened at ₹163, up 64.9% against the initial public offering (IPO) price band.

The company raised ₹308.88 crore via the IPO route, which comprised only a fresh issue of 3.12 crore equity shares at a price band of ₹94-99 per share. The IPO, having a lot size of 150 shares, opened for subscription between August 24-28 this year.

The IPO of the construction company was subscribed 87.82 times, on the back of an overwhelming response from qualified institutional buyers (QIBs) and non-institutional investors (NIIs). The portion reserved for QIBs and NIIs was booked 171.69 times and 111.03 times, respectively, while the quota for retail investors was subscribed 32.01 times.

Incorporated in 1986, Vishnu Prakash R Punglia specialises in executing engineering, procurement, and construction (EPC) projects. The company is prominently recognised for its water supply projects (WSPs) and is actively engaged in various infrastructure segments such as railways, roads, and irrigation networks. The company is currently managing 51 projects valued at ₹3,800 crore across 9 states and 1 union territory.

In FY23, the company’s consolidated profit after tax witnessed a growth of 102.8% year-on-year to ₹122.4 crore, as against ₹60.4 crore in the same period last year. The company’s revenue from operations surged 48.7% in FY23 to ₹1,168.4 crore as against ₹785.6 crore in the same period last year.

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