Punj Lloyd rallies nearly 9%, adds to previous day's rally

Besides the recent order win, Punj Lloyd has been news on reports of selling stake in Medanta Medicity Hospital and issue of non-convertible debentures

Punj Lloyd has gained another 8.6% to Rs 44 levels on the National Stock Exchange (NSE) in trade on Tuesday after rallying nearly 10% a day earlier after securing an order worth Rs 3,515 crore from PRPC Refinery and Cracker, a subsidiary under the Petroleum National Berhad (PETRONAS) group, Malaysia’s national emergency group.

Post this order, the order book of the company stands at Rs 24,679 crore, reports suggest. The stock opened at Rs 41.4 on the NSE and hit an intra-day high of Rs 44.3. A combined 28,57,383 have been traded thus far in morning deals on both the exchanges.

Punj Lloyd has been in the news recently on reports that it plans to sell its stake in Gurgaon-based multi specialty hospital Medanta Medicity Hospital to lower its debt.

“Punj Lloyd is planning to sell half of its 17% shareholding in Global Health Private Limited - a company which owns, manages and operates the Gurgaon based hospital for around Rs 300 crore", an Economic Times report had suggested.

However, the company issued a clarification in response to the above report. "We would like to inform you that the Company is exploring various options to sell its non-core assets. The Company has not formalised or entered into any binding agreement in this regard,” Punj Lloyd said in a statement to the exchanges.

“The Company will inform the stock exchange(s), if and when, any such agreement is entered into,” it added.

Meanwhile, the Board of Directors of the company at its meeting held on September 03, 2014 have approved issue of non-convertible debentures, including bonds, within the overall borrowing limits and decided to convene an Extra Ordinary General Meeting (EGM) on September 30 for obtaining the requisite approvals.