Petron Engineering Construction jumped 6.5% to Rs 147.50 at 10:00 IST on BSE after the company said that it has received letter of intent from Shree Cement for civil work at its project in Orissa.
The announcement was made after market hours yesterday, 4 January 2017.Meanwhile, the BSE Sensex was up 159.62 points, or 0.60%, to 26,792.75.
More than usual volumes were witnessed on the counter. On the BSE, 13,618 shares were traded in the counter so far, compared with an average volume of 4,228 shares in the past one quarter. The stock had hit a high of Rs 154.05 and a low of Rs 146 so far during the day. The stock had hit a 52-week high of Rs 273.50 6 January 2016. The stock had hit a 52-week low of Rs 122 on 21 November 2016.
The stock had underperformed the market over the past one month till 4 January 2017, falling 5.69% compared with Sensex's 1.53% gains. The stock had also underperformed the market in past one quarter, declining 24.23% as against Sensex's 6% decline.
The small-cap company has equity capital of Rs 7.54 crore. Face value per share is Rs 10.
The letter of intent is for civil work of plant building and silos and miscellaneous work at Shree Cement's Orissa grinding project at village, Chandrabali, District, Cuttack, Orissa for contract value of around Rs 33 crore.
Petron Engineering Construction reported net loss of Rs 3.04 crore in Q2 September 2016 as against net profit of Rs 1.02 crore in Q2 September 2015. Net sales fell 23.3% to Rs 86.97 crore in Q2 September 2016 over Q2 September 2015.
Petron Engineering Construction executes projects in diversified sectors like refineries (reformers and crackers), oil & gas, power, cement, fertilizer & petrochemical including specialized insulation & refractory work, fabrication work along with electrical & instrumentation work.
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