Market Movers: Antony Waste spikes 20% on big order; PSP Projects sees buying post record Q4

NEW DELHI: Siemens on Friday said it is selling its Large Drives Applications (LDA) business to one of the subsidiary of the promoter at a cash consideration of Rs 440 crore. The business contributes 3.33 per cent of the company’s revenue.

Siemens AG, promoter of the company, intends to purchase the LDA Business of Siemens, India. This proposal is based on the plan to carve out Siemens LDA business globally into a separate legal entity.

The consideration for the sale and transfer has been determined after negotiation between the company and Siemens AG, taking into account an independent valuation report of the LOA Business as of March 2022 conducted by Grant Thornton Bharat LLP, said the firm.

Ahead of the disclosure, shares of the firm ended rose over 1 per cent.

Best quarter ever
PSP Projects on Friday said it recorded the best quarter ever in terms of revenue and net profits. Revenue from operation for the company rose 11 per cent to Rs 555 crore, while net profits climbed 28 per cent to 52 crore.

The company said that in the last five years, revenue from operations has grown at a CAGR of 34 per cent, Ebitda 31 per cent and net profits at 31 per cent as well.

“We continued to grow organically by focusing on executing projects in a timely manner while maintaining consistent quality,” said Prahaladbhai Patel, the CEO of the company.

The investors ate up the story on Friday and the stock surged over 7 per cent to close at Rs 518.15.

Big order
Antony Waste Handling on Friday said one of its material subsidiaries, AG Enviro Infra Projects Private Limited, has been awarded two contracts i.e. daily municipal solid waste collection from Panchvati and Satpur divisions and transportation to compost plant at Pathardi for 5 years for Nashik City Municipal Corporation.

The scope of the project is a door-to-door collection and transportation of municipal solid waste to the processing site and operation & maintenance of equipment/machinery in Panchavti and Satpur Divisions for 5 years. Primarily, it is required to handle 240 tons of waste per day.

The contract value is about Rs 124 crore.

Following the update, the stock climbed 20 per cent to Rs 291.