Petron Engineering jumps after receiving order

Petron Engineering Construction jumped 5.64% to Rs 88 at 11:38 IST on BSE after the company said it has received an order worth approximately Rs 196 crore from JBF Petrochemicals.

The company made the announcement after market hours on Monday, 24 February 2014.

Meanwhile, the BSE Sensex was up 45.03 points, or 0.22%, to 20,856.47.

On BSE, so far 424 shares were traded in the counter, compared with an average volume of 1,363 shares in the past one quarter.

The stock hit a high of Rs 91 and a low of Rs 88 so far during the day. The stock hit a 52-week high of Rs 118 on 2 May 2013. The stock 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 24 February 2014, sliding 9.90% compared with the Sensex's 1.52% fall. The scrip had, however, outperformed the market in past one quarter, rising 16.10% as against Sensex's 2.94% rise.

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

Petron Engineering Construction said it has received letter of intent dated 19 February 2014 from JBF Petrochemicals, Mangalore for composite works comprising civil, structural, underground piping, buildings, mechanical piping, insulation, painting, electrical and instrumentation works for its JBF PTA OSBL project at Mangalore for an approximate contract value of Rs 196 crore, plus service tax.

JBF Petrochemicals is setting up a purified terephthalic acid (PTA) plant in Mangalore SEZ and will have 1.25 million metric tonne per annum capacity, which its claims to be amongst the largest in India. The company is aiming to commission the project by mid of 2015.

Net profit of Petron Engineering Construction declined 45% to Rs 0.33 crore on 26.80% 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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