Punj Lloyd surged 9.45% to Rs 38.80 at 9:38 IST on BSE after the company received FIPB approval for manufacturing equipment and associated assemblies for the defence sector.
The company made the announcement after market hours yesterday, 18 December 2014.
Meanwhile, the S&P BSE Sensex was up 335.45 points or 1.24% at 27,462.02
On BSE, so far 3.07 lakh shares were traded in the counter as against average daily volume of 5.08 lakh shares in the past one quarter.
The stock hit a high of Rs 39.70 and a low of Rs 38.05 so far during the day. The stock had hit a 52-week high of Rs 60.85 on 19 June 2014. The stock had hit a 52-week low of Rs 24.90 on 30 January 2014.
The small-cap firm has an equity capital of Rs 66.42 crore. Face value per share is Rs 2.
Punj Lloyd said that Foreign Investment Promotion Board (FIPB), Department of Economic Affairs, Ministry of Finance, Government of India vide its Letter dated 15 December 2014 have approved the proposal of the company for manufacturing of equipment systems and associated assemblies for the defence sector. As per clause 4 of the above letter, foreign equity participation in the company including FDI & Investment by FII/FPI/FVCI/QFl/NRI through portfolio investment have been capped at 32.99% of the paid-up equity capital of the company, Punj Lloyd said.
Punj Lloyd reported a net loss of Rs 263.51 crore in Q2 September 2014 compared with net profit of Rs 1.60 crore in Q2 September 2013. Total income declined 42.1% to Rs 1290.57 crore in Q2 September 2014 over Q2 September 2013
Punj Lloyd provides integrated design, engineering, procurement, construction and project management services in the energy and infrastructure sectors.
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