Shares of PSP Projects, a small-cap company owned by ace investor Sunil Singhania, touched an all-time high of Rs 746.50 per share, after surging over 10 per cent on the BSE intraday during Tuesday’s session, mainly amid healthy outlook and higher earnings expectations in the upcoming quarter of this fiscal.

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The construction and engineering company's share price breached its previous high of Rs 724 apiece touched on December 13, 2022. The stock on Tuesday closed around 6 per cent up, to Rs 716.50 apiece against a 0.17 per cent fall in the S&P BSE Sensex.

Singhania's Abakkus Asset Manager LLP holds 54,5000 equity shares or 1.51 per cent stakes in the PSP Projects, according to the latest shareholding pattern of the company available on the BSE.

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He publicly holds 24 stocks with a net worth of over Rs 1,958.5 crore as of December 20, 2022, according to the stock analysis website trendlyne.com.

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.

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The company’s execution is picking up post subdued second quarter of this fiscal (Q2FY23), implying second half (H2) of FY23 year-on-year revenue growth of over 35 per cent, Periwal said in a report.

IDBI Capital maintained a BUY rating with a target of Rs 915 per share, implying a 28 per cent upside in the stock as it rolls forward a valuation of 12x PER to FY25E. The catalyst for the stock is clarity on slow-moving orders (Bhiwandi & Pandharpur) and new order win, the brokerage added.