Punj Lloyd sky rockets in volatile market

BSE 500 stock Punj Lloyd has certainly taken investors by surprise. The stock on Aug 24 has surged by over 10 per cent on an intraday basis. Stock which previously closed at Rs 19.90 on Aug 24 opened at Rs 20.30. Shares of the company closed at Rs 21.85, up by 9.80 per cent. In the last 5 days, shares have surged by 13 per cent.However, in the last 1 year shares have plunged by 5 per cent. 52-week High/Low stands at Rs 31.65/17.65.

Company has informed the bourses that its solution to upgrade Zu-23 air defence gun after field evaluation was certified by the Ministry of Defence. The deal order amounts to approximately Rs 400 crores, and the commercial bid for the same is now open, the company being the lowest bidder. However, the contract has not yet been awarded by the Ministry of Defence to the company.

On the financial front, Punj Lloyd's standalone net loss has narrowed down to Rs 211.39 crore in Q1FY17. Company's net loss in Q1FY16 was Rs 581.84 crore. Net sales of the company in Q1 stands at Rs 887.57 crore, which was up 40 per cent as compared to Q1FY16.

Punj Lloyd is an engineering and construction group in India, providing integrated design, procurement and project management services for energy and infrastructure sector projects. Punj Lloyd operates in the Middle East, the Caspian, Asia Pacific, Europe, Africa and South Asia.