Punj Lloyd gained 2.35% to Rs 19.60 at 10:35 IST on BSE after the company said that its wholly-owned subsidiary executed definitive agreements with India Power Green Utility to co-develop 30 megawatts of solar assets.
The announcement was made after market hours yesterday, 17 November 2016.Meanwhile, the BSE Sensex was down 42.47 points, or 0.16%, to 26,185.15.
On BSE, so far 1.2 lakh shares were traded in the counter, compared with average daily volume of 8.5 lakh shares in the past one quarter. The stock hit a high of Rs 19.75 and a low of Rs 19.35 so far during the day. The stock hit a 52-week high of Rs 31.65 on 5 January 2016. The stock hit a record low of Rs 16.90 on 9 November 2016. The stock underperformed the market over the past one month till 17 November 2016, sliding 14.89% compared with 4.73% decline in the Sensex. The scrip, however, outperformed the market in past one quarter, remaining unchanged as against Sensex's 6.35% decline.
The small-cap company has equity capital of Rs 66.42 crore. Face value per share is Rs 2.
Punj Lloyd said that its wholly-owned subsidiary, Punj Lloyd Infrastructure (PLIL), has executed definitive agreements with India Power Green Utility (IPGUPL) to co-develop 30 megawatts (MW) of solar assets in Uttarakhand. The agreements are in respect of three solar power projects, each of 10 MW capacity won by PLIL under the tariff based competitive bidding process in October 2015 to be executed by its wholly owned subsidiaries (WOS) namely, PL Surya Vidyut, PL Sunrays Power, and PL Solar Renewable.
As per the transaction, PLIL will divest 49% of its shareholding in its three subsidiaries viz. PL Surya Vidyut, PL Sunrays Power and PL Solar Renewable. The special purpose vehicles (SPVs) have signed 25 years power purchase agreements with Uttarakhand Power Corporation. The company shall be responsible for the entire engineering, procurement and commissioning of the above projects. The transaction is expected to be completed once customary closing conditions and approvals are obtained.
Punj Lloyd reported net loss of Rs 211.39 crore in Q1 June 2016, lower than net loss of Rs 581.84 crore in Q1 June 2015. Net sales rose 36% to Rs 887.57 crore in Q1 June 2016 over Q1 June 2015.
Punj Lloyd is a diversified international conglomerate offering engineering procurement construction (EPC) services in energy and infrastructure along with engineering and manufacturing capabilities in the defence sector.
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