Punj Lloyd has soared 6% to Rs 51.70, extending its Friday’s 4% gain, on hopes of resuming work on pending projects in Libya.
“The company, backed by Warburg Pincus LLC, plans to resume work next month in the North African nation where it has $800 million (Rs 4,400 crore) worth of projects,” the report suggests quoting company’s Chairman Atul Punj.
“The company aims to begin drilling in Sirte Basin for Waha Oil Co. starting July and resume construction of a road and upgrading a township in Tripoli after elections,” added report.
The stock opened at Rs 49.50 and touched high of Rs 51.90 on the National Stock Exchange. A combined 3.76 million shares have changed hands on the counter so far.
