The Sensex declined by 4.5 per cent or 785.30 points from 17,434.94 on May 16 to 16,649.64 on May 23.
The company won a contract from Hanwa, Japan, for about 60 kms of steel pipes for the offshore Palm Beach housing complex being developed by Nakheel Corporation at Jebel Ali, UAE. PSL will supply pre-coated piling pipes fabricated from special steel along with external anti-corrosion coating.
Since the production and supply of these special grade pipes will be effected from PSL's Hamriyah FTZ facility, there will be no export taxes.