Punj Lloyd gains after winning project

Punj Lloyd rose 2.65% to Rs 23.20 at 11:51 IST on BSE after the company said its subsidiary won a project worth Rs 312 crore in Saudi Arabia.

The announcement was made during trading hours today, 17 April 2017.

Meanwhile, the S&P BSE Sensex was down 37.04 points, or 0.13% to 29,424.41.

On the BSE, 8.73 lakh shares were traded in the counter so far, compared with average daily volumes of 3.46 lakh shares in the past one quarter. The stock had hit a high of Rs 23.70 and a low of Rs 22.70 so far during the day. The stock hit a 52-week high of Rs 28.30 on 15 September 2016. The stock hit a record low of Rs 16.90 on 9 November 2016.

The stock had outperformed the market over the past one month till 13 April 2017, rising 10.51% compared with 0.22% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 10.51% as against Sensex's 8.16% rise.

The small-cap company has equity capital of Rs 66.85 crore. Face value per share is Rs 2.

Punj Lloyd said that its subsidiary, Dayim Punj Lloyd Construction Contracting Company, has been awarded an engineering, procurement, construction (EPC) contract - 'Clean Fuels Interfacing Facilities Project' - on lump sum turn key (LSTK) basis in Yanbu, Saudi Arabia worth Rs 312 crore by the Yanbu Aramco Sinopec Refining Company (YASREF) in Saudi Arabia.

The project objective is to interface YASREF with the Aramco Yanbu Refinery to supply low sulphur clean transportation fuel - diesel and gasoline - for domestic distribution. In addition, the pipeline system will also contain provision to transport YASREF refined products to the western regional pipeline hub.

With this order, the group's order backlog stands at Rs 19929 crore. The order backlog is the value of unexecuted orders on 31 December 2016 plus new orders received after that date, Punj Lloyd said in a release.

Punj Lloyd reported net loss of Rs 231.81 crore in Q3 December 2016 as against net loss of Rs 309.31 crore in Q3 December 2015. Net sales declined 1.02% to Rs 992.90 crore in Q3 December 2016 over Q3 December 2015.

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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