Punj Lloyd zooms on winning Rs 367 cr orders from IOC

Shares of Punj Lloyd have surged over 6% at Rs 28.55 on the NSE after the company said it has bagged  Rs 367 crore contract from Indian Oil Corporation (IOCL).

The company announced winning an engineering, procurement, construction and commissioning (EPCC) contract at Paradip Refinery in Odisha from Indian Oil Corporation (IOCL) for a value of Rs 367 crore.

The scope of work for the project involves the Residual Basic Engineering including HAZOP study, detailed engineering, procurement, construction and commissioning of the Coker LPG Treating Unit and offsite and utility facility.

Paradip Refinery is located on the east coast of India, 5 kilometre from Paradip Port, in the state of Odisha. The site, spread over a total area of 3344 acres, is about 90 km by road from Cuttack and about 120 km from Bhubaneswar, the capital of Odisha.

The stock opened at Rs 27.20 on the NSE and reached a high of Rs 28.80. At 11:05 am, more than 5 million shares exchanged hands on the counter of BSE and NSE.