Punj Lloyd spurts on buzz of winning road project

Punj Lloyd rose 16.23% to Rs 22.20 at 11:23 IST on BSE on reports that the company's joint venture won a road project in Myanmar from the National Highways Authority of India.

Meanwhile, the S&P BSE Sensex was up 40.42 points, or 0.13% to 31,702.39.

On the BSE, 21.36 lakh shares were traded in the counter so far, compared with average daily volumes of 5.15 lakh shares in the past one quarter. The stock had hit a high of Rs 22.50 and a low of Rs 20.10 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 underperformed the market over the past one month till 6 September 2017, falling 6.83% compared with 1.10% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 6.83% as against Sensex's 1.44% rise. The scrip had also underperformed the market in past one year, falling 24.36% as against Sensex's 9.46% rise.

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

According to reports, a joint venture between Punj Lloyd and Varaha Infrastructure has won a Rs 1177-crore road project in Myanmar from the National Highways Authority of India (NHAI). The project will be based on engineering, procurement and construction (EPC) model.

Under the project, the company will be required to build a road stretch of nearly 120 km within 36 months and the job includes construction of 3 major and 2 minor bridges. The company is also supposed to maintain the project for five years. The project is being funded by the Ministry of External Affairs and the NHAI will be the implementing agency, reports added.

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 10.11% 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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