Petron Engineering gains on LoIs from Shree Cement

The stock rallied 11% to Rs 174 after the company received LOIs from Shree Cement, for a contract value of Rs 50 cr.

Petron Engineering Construction has rallied 11% to Rs 174 on the BSE in early morning trade after the company received a Letter of Intents (LOIs) from Shree Cement, for civil work at their cement plants at Aurangabad, Bihar and at Gulbarga, Karnataka for a total contract value of approximately Rs 50 crore.

“The scope of work is civil work, reinforcement & MS steel work for plant building & silo and miscellaneous work at Aurangabad, Bihar and plant building & silos i.e. stacker and reclaimer, crusher, VRM –II and miscellaneous work at Gulbarga, Karnataka,” Petron Engineering Construction said in a statement.

At 09:43 am, the stock was up 6% at Rs 167 on the BSE, as compared to 0.04% decline in the S&P BSE Sensex. A combined 79,810 shares changed hands on the counter on the NSE and BSE.