Punj Lloyd rose 3.11% to Rs 29.85 at 11:28 IST on BSE after the company said it bagged a Rs 1270 crore expressway project in Yemen.
The company made the announcement during trading hours today, 6 May 2014.
Meanwhile, the BSE Sensex was up 99.04 points, or 0.44%, to 22,544.16.
On BSE, so far 6.92 lakh shares were traded in the counter, compared with an average volume of 8.62 lakh shares in the past one quarter.
The stock hit a high of Rs 30.60 and a low of Rs 28.90 so far during the day. The stock hit a 52-week high of Rs 57.80 on 9 May 2013. The stock hit a record low of Rs 20.25 on 4 September 2013.
The stock had underperformed the market over the past one month till 5 May 2014, sliding 1.70% compared with the Sensex's 0.38% rise. The scrip had also underperformed the market in past one quarter, rising 7.02% as against Sensex's 10.78% rise.
The small-cap diversified global engineering, procurement and construction (EPC) conglomerate has an equity capital of Rs 66.42 crore. Face value per share is Rs 2.
Punj Lloyd said it has received a letter of award for the construction of 42 kilometre (km), 2x3 lane dual carriageway project between Doraigh and Noubat Dokaim from Ministry of Public Works & Highways, Republic of Yemen. This project, valued at Rs 1270 crore ($211.41 million), is funded by Saudi Development Fund (SDF).
Located 60 km from the port city of Aden, the scope of work for this project comprises construction of 210 lane-km new carriageway greenfield project. The work involves excavation of over 10 million cubic meter, road paving, surface sealing, two major concrete overpass bridges, box & pipe culvert construction and associated infrastructure work.
Speaking on this achievement, President & CEO, Buildings & Infrastructure, MEA & CIS, Pardeep Tandon said, "This is the first major expressway project for Punj Lloyd in the Middle East. Our existing expertise in this sector coupled with our strong assets of equipment and manpower, was a strong determinant in our winning this order amidst tough global competition. This is an excellent opportunity for us to showcase our construction expertise in the Middle East market."
Yemen is also a repeat country for Punj Lloyd which has already executed work on the offsites and utilities of the prestigious Yemen LNG project. The dual carriageway project is reflective of the Group's intent to aggressively pursue global infrastructure opportunities.
With this new order, the Group's order backlog stands at Rs 23376 crore. The order backlog is the value of unexecuted orders on 31 December 2013 plus new orders received after that date.
On a consolidated basis, Punj Lloyd reported net loss of Rs 139.48 crore in Q3 December 2013 as against net profit of Rs 8.77 crore in Q3 December 2012. Net sales declined 2.3% to Rs 2710.76 crore in Q3 December 2013 over Q3 December 2012.
Punj Lloyd is a diversified international conglomerate offering EPC services in energy and infrastructure along with engineering and manufacturing capabilities in the defence sector.
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