Shares of Vishnu Prakash R Punglia Ltd jumped 4% to the touch a day’s excessive of Rs 173.65 on 14th July, following an announcement on Saturday (twelfth July) that it had obtained a Letter of Acceptance from the Jaipur Growth Authority (JDA) for a brand new infrastructure mission.
The agency obtained a Rs 77.9 crore contract from the JDA for setting up a Highway Over Bridge (ROB) at Saligrampura Phatak on the Jaipur–Sawai Madhopur railway line. The mission is positioned in Zone-14 of JDA Jaipur and is a part of the corporate’s common enterprise.
Final month, CARE Rankings downgraded the corporate’s credit score rankings for each quick and long-term financial institution amenities because of monetary issues.
CARE downgraded the corporate’s long-term financial institution amenities value Rs 200 crore from CARE BBB+ (Secure) to CARE BBB (Unfavourable).
As well as, financial institution amenities value Rs 760 crore had been downgraded to CARE BBB and CARE A3 (Unfavourable) from CARE BBB+ and CARE A3+ (Secure).
CARE cited a rise in working capital wants and a larger reliance on borrowings, which weakened VPRPL’s liquidity place in FY25.
The downgrade additionally displays the corporate’s lower-than-expected scale of operations within the earlier monetary yr.
At 12:09 PM, the shares of Vishnu Prakash had been buying and selling 3.88% greater at Rs 167.40 on NSE.
Unlock worthwhile alternatives daily! Unicorn Indicators offers actionable intraday buying and selling indicators for shares and futures. Don’t miss out – obtain Unicorn Indicators and begin successful now!
