Shares of Vishnu Prakash R Punglia Ltd jumped 4% to touch a day’s high of Rs 173.65 on 14th July, following an announcement on Saturday (12th July) that it had received a Letter of Acceptance from the Jaipur Development Authority (JDA) for a new infrastructure project.

The firm received a Rs 77.9 crore contract from the JDA for constructing a Road Over Bridge (ROB) at Saligrampura Phatak on the Jaipur–Sawai Madhopur railway line. The project is located in Zone-14 of JDA Jaipur and is part of the company’s regular business.

Last month, CARE Ratings downgraded the company’s credit ratings for both short and long-term bank facilities due to financial concerns.

CARE downgraded the company’s long-term bank facilities worth Rs 200 crore from CARE BBB+ (Stable) to CARE BBB (Negative).

In addition, bank facilities worth Rs 760 crore were downgraded to CARE BBB and CARE A3 (Negative) from CARE BBB+ and CARE A3+ (Stable).

CARE cited an increase in working capital needs and a greater reliance on borrowings, which weakened VPRPL’s liquidity position in FY25.

The downgrade also reflects the company’s lower-than-expected scale of operations in the previous financial year.

At 12:09 PM, the shares of Vishnu Prakash were trading 3.88% higher at Rs 167.40 on NSE.

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