Punj Lloyd extends gains on new order win

Meanwhile, the BSE Sensex was down 92.78 points, or 0.59% to 15,592.43.

On BSE, 4.38 lakh shares were traded in the counter as against average daily volume of 7.90 lakh shares in the past one quarter.

The stock hit a high of Rs 39.40 and a low of Rs 37.30 so far during the day. The stock had hit a record low of Rs 37.05 on 20 December 2011. The stock had hit a 52-week high of Rs 117.40 on 4 January 2011.

The stock has gained 4.54% in two trading sessions from Rs 37.45 on Tuesday, 20 December 2011, after the company said during trading hours on Wednesday, 21 December 2011 that it has secured a contract worth Rs 113 crore from ONGC for construction of naphtha feed pipeline from Hazira to Dahej.

The stock had underperformed the market over the past one month till 21 December 2011, falling 18.26% compared with Sensex's 1.64% decline. The scrip had also underperformed the market over the past one quarter, declining 38.73% as against Sensex's 8.09% fall.

The mid-cap engineering and construction company has an equity capital of Rs 66.42 crore. Face value per share is Rs 2.

Punj Lloyd said that the latest contract from ONGC is scheduled to be completed within a period of 14 months.

On a consolidated basis, Punj Lloyd's net profit rose 3.4% to Rs 24.74 crore on 21.4% growth in net sales to Rs 2376.91 crore in Q2 September 2011 over Q2 September 2010.

The Punj Lloyd Group is a diversified international conglomerate offering EPC services in energy and infrastructure along with engineering and manufacturing capabilities in the defence sector.

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