Punj Lloyd shares soar nearly 9%

Shares of infrastructure major Punj Lloyd today surged nearly 9 per cent after the company announced it has been shortlisted by the Defence Ministry for upgrading the Zu 23 air defence gun.
The stock climbed 8.68 per cent to Rs 28.80 on the BSE. During the day, it soared 12.45 per cent to Rs 29.80.
On the NSE, shares of the company jumped 9 per cent to Rs 28.90 at close.
On the volume front, 27.40 lalh shares of the company changed hands at the BSE and over one crore shares were traded at the NSE during the day.
"Ministry of Defence (MOD) has vide its letter dated June 30, 2015 qualified our solution to upgrade Zu 23 air defence gun, after field evaluation," the firm said in a BSE filing.

As part of the firm's defence initiatives, it keeps evaluating various business opportunities. In this regard, the company had submitted its proposal for upgrade of the Zu 23 air defence gun to as per the RFP issued to it, the filing added.
"MOD is yet to open the commercial bids to decide on the party to be awarded the contract," it said.