Punj Lloyd jumps after selling entire stake in Simon Carves Engineering

Punj Lloyd rose 5.33% to Rs 20.75 at 9:51 IST on BSE after the company said that its arm Pt Engineering sold its entire stake in UK-based Simon Carves Engineering to Engineers and Constructors International Inc for $2 million.

The announcement was made after market hours yesterday, 3 August 2016.

Meanwhile, the S&P BSE Sensex was up 52.10 points, or 0.19%, to 27,749.61.

On BSE, so far 3.22 lakh shares were traded in the counter, compared with an average daily volume of 2.94 lakh shares in the past one quarter. The stock hit a high of Rs 21.20 and a low of Rs 20.55 so far during the day. The stock hit a 52-week high of Rs 35.80 on 6 August 2015. The stock hit a record low of Rs 17.65 on 7 June 2016. The stock had underperformed the market over the past one month till 3 August 2016, sliding 7.51% compared with 2.04% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 14.16% as against Sensex's 9.78% rise.

The small-cap company has an equity capital of Rs 66.42 crore. Face value per share is Rs 2.

Punj Lloyd announced that its subsidiary Pt Engineering has sold its entire shareholding in its wholly-owned subsidiary registered in United Kingdom viz. Simon Carves Engineering to Engineers and Constructors International, Inc, for a cash consideration of $2 million. Simon Carves Engineering contributed 1.73% of the total income of Punj Lloyd during the last financial year.

Engineers and Constructors International, Inc is a design and engineering company belonging to the Mitsui Group based out of Baton Rouge, Louisiana, US.

Punj Lloyd posted net loss of Rs 467.99 crore in Q4 March 2016, compared to net profit of Rs 268.53 crore for Q4 March 2015. The company's net sales decreased 44.9% to Rs 688.13 crore in Q4 March 2016 over Q4 March 2015. The company will announce Q1 results on 10 August 2016.

Punj Lloyd provides integrated design, engineering, procurement, construction and project management services in the energy and infrastructure sectors.

Powered by Capital Market - Live News