PSP Projects jumps over 11% in six days

PSP Projects rose 2.37% to Rs 767.65, extending gains for the sixth trading session.

Shares of PSP Projects have risen 11.43% in six straight trading sessions.

The stock outperformed the market over the past one month, soaring 21.05% compared with 3.97% decline in the Sensex.

The scrip outperformed the market in past one quarter, surging 18.86% as against Sensex's 3.30% rise.

The scrip outperformed the market in past one year, soaring 57.05% as against Sensex's 0.91% rise.

On the technical front, the stock's daily RSI (relative strength index) stood at 72.92. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 653.78, 633.88 and 592.22, respectively. These levels will act as crucial support zones in near term.

PSP Projects is a multidisciplinary construction company offering a diverse range of construction and allied services in India. It provides construction services across the construction value chain ranging from planning and design to construction and post construction activities.

The company's consolidated net profit delcined 40.8% to Rs 21.54 crore on 7.8% fall in revenue from operations to Rs 359.98 crore in Q2 FY23 over Q2 FY22.

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