Petron Engineering surges 11% on order win

NEW DELHI: Shares of Petron Engineering Construction soared over 11 per cent in intraday trade on Thursday after the smallcap company said it has received an order worth Rs 33 crore from Shree Cement.

The contract value is roughly 30 per cent of the company’s market capitalisation of Rs 110 crore.

The stock rose 11.22 per cent to hit a high of Rs 154.05 on BSE. At this price, the scrip is trading at 0.67 times its trailing 12-month book value.

In a filing to BSE, the company said, “The company has received a letter of intent from Shree Cement for civil work of plant building & silos work at their Orissa Grinding Project at village Chandrabali, Shyampur Distt., Cuttack, Orissa for contract value of Rs 33 crore.”

The company reported a net loss of Rs 3.04 crore in the September 2016 quarter, compared with a net profit of Rs 1.02 crore in the year ago quarter. With this, it has net reported losses in last four quarters.