Punj Lloyd is trading higher by 5% to Rs 49.30, after the construction and engineering company said it has bagged a contract worth Rs 314 crore ($ 57.75 million) from Al-Khafji Joint Operations for an offshore project in Al-Khafji, Saudi Arabia.
“The project, worth Rs 314 crore, is scheduled for commissioning in September 2014," Punj Lloyd said in a statement.
The scope of work for the project entails detail design, engineering, procurement, testing, transportation and construction/installation of a new 20" OD crude transmission line, 40 km submarine rigid pipeline, mechanical completion, pre-commissioning, commissioning / start up, and performance testing, it added.
Al-Khafji Joint Operations is a joint operation of two national companies - Aramco Gulf Operations Company Limited and Kuwaiti Gulf Oil Company, for oil and gas exploration development and production in the offshore area of the partitioned neutral zone between Saudi Arabia and Kuwait.
The stock opened at Rs 47.95 and hit a high of Rs 49.95 on NSE. A combined 3.06 million shares have already changed hands on the counter till 1010 hours against an average 5.2 million shares that were traded daily in past two weeks on NSE and BSE.
“The project, worth Rs 314 crore, is scheduled for commissioning in September 2014," Punj Lloyd said in a statement.
The scope of work for the project entails detail design, engineering, procurement, testing, transportation and construction/installation of a new 20" OD crude transmission line, 40 km submarine rigid pipeline, mechanical completion, pre-commissioning, commissioning / start up, and performance testing, it added.
Al-Khafji Joint Operations is a joint operation of two national companies - Aramco Gulf Operations Company Limited and Kuwaiti Gulf Oil Company, for oil and gas exploration development and production in the offshore area of the partitioned neutral zone between Saudi Arabia and Kuwait.
The stock opened at Rs 47.95 and hit a high of Rs 49.95 on NSE. A combined 3.06 million shares have already changed hands on the counter till 1010 hours against an average 5.2 million shares that were traded daily in past two weeks on NSE and BSE.