Petron Engineering rises 8% on LoI from Ramco

NEW DELHI: Shares of Petron Engineering and Construction (PECL) climbed 8 per cent in Tuesday’s trade after the company said it had received a letter of intent (LoI) from Ramco Cements for civil and mechanical works.

The stock jumped 8.02 per cent to hit a high of Rs 200.60 on BSE. The scrip is still down just over 36 per cent from its 52-week high of Rs 313.80 that it had hit on April 23 this year.

The company in a regulatory filing to BSE said the LoI was for capacity upgradation of line-1 cement plant and a captive power plant at Jayanthipuram for a Rs 22.50 crore contract.

The company has reported 10.79 per cent YoY jump in September quarter net sales to Rs 113 crore. Net profit for the quarter stood at Rs 1.03 crore, compared with a net loss of Rs 5.64 crore in the preceding quarter.