Punj Lloyd extends recent rally

Punj Lloyd rose 2.96% to Rs 24.35 at 9:15 IST on BSE, with the stock extending recent sharp rally.

Meanwhile, the S&P BSE Sensex was up 115.94 points or 0.37% at 31,803.46. The S&P BSE Small-Cap index rose 121.46 points or 0.74% at 16,446.66.

On the BSE, 33,000 shares were traded on the counter as against the average daily volumes of 6.56 lakh shares in the past one quarter. The stock had hit a high of Rs 24.35 and a low of Rs 24 so far during the day. The stock had hit a 52-week high of Rs 28.30 on 15 September 2016 and a record low of Rs 16.90 on 9 November 2016.

The stock had outperformed the market over the past one month till 8 September 2017, advancing 15.37% compared with the Sensex's 1.02% fall. The stock had also outperformed the market over the past one quarter, gaining 15.37% as against the Sensex's 1.52% rise. The scrip had, however, underperformed the market over the past one year, sliding 11.59% as against the Sensex's 9.1% rise.

The small-cap company has equity capital of Rs 67.09 crore. Face value per share is Rs 2.

Shares of Punj Lloyd have rallied 27.82% in five trading sessions to its ruling market price, from its close of Rs 19.05 on 4 September 2017.

Among recent developments, the company announced after market hours on 7 September 2017 that it had received an order worth Rs 870.15 crore for canal work in Maharashtra.

Shares of Punj Lloyd had surged 19.11% in a single trading session to settle at Rs 22.75 on 7 September 2017 after the company in a clarification to the bourses during trading hours on that day said that its joint venture at present has been declared by NHAI as the provisional lowest bidder in the tender for the upgradation of Yagyi-Kalewa Section Milepost 40/0 to Milepost 115/5 in Myanmar to two lane with earthen shoulder on EPC Mode. However, the letter of intent (LoI) in respect to the above project is yet to be issued by NHAI. Once the LoI is issued to the joint venture, the company will accordingly inform the stock exchanges.

Punj Lloyd reported net loss of Rs 194.32 crore in Q1 June 2017 as against net loss of Rs 211.39 crore in Q1 June 2016. Net sales rose 10.1% to Rs 977.34 crore in Q1 June 2017 over Q1 June 2016.

Punj Lloyd 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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