New order boosts Petron Engineering

Petron Engineering Construction surged 4.66% to Rs 92 at 10:25 IST on BSE after the company said it has received Fax of Acceptance dated 26 February 2014 from BPCL, Ernakulam, Kerala for a project worth approximately Rs 213 crore.

The announcement was made on Thursday, 27 February 2014. The stock market was closed on that day, on account of Mahashivratri.

Meanwhile, the S&P BSE Sensex was up 99.89 points or 0.48% at 21,086.88.

On BSE, so far 303 shares were traded in the counter as against average daily volume of 1,354 shares in the past one quarter.

The stock hit a high of Rs 92 and a low of Rs 91.50 so far during the day. The stock had hit a 52-week high of Rs 118 on 2 May 2013. The stock had hit a 52-week low of Rs 33.15 on 8 August 2013.

The stock had underperformed the market over the past one month till 26 February 2014, sliding 4.92% compared with the Sensex's 0.69% fall. The scrip had, however, outperformed the market in past one quarter, jumping 22.85% as against Sensex's 2.75% rise.

The small-cap company has equity capital of Rs 7.54 crore. Face value per share is Rs 10

Petron Engineering Construction said it has received Fax of Acceptance dated 26 February 2014 from BPCL, Ernakulam, Kerala for Composite Mechanical Works of Process Units - FCCU for Integrated Refinery Expansion Project (IREP) of BPCL Kochi Refinery for a contract value of approximately Rs 213 crore plus service tax.

Petron Engineering Construction's net profit fell 45% to Rs 0.33 crore on 26.8% decline in net sales to Rs 88.65 crore in Q3 December 2013 over Q3 December 2012.

Petron Engineering Construction executes projects in diversified sectors like refineries (reformers and crackers), oil & gas, power, cement, fertilizer & petrochemical including specialized insulation & refractory work, fabrication work along with electrical & instrumentation work.

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