Punj Lloyd soars 8% selling UK-based arm for $2 million

NEW DELHI: Shares of Punj Lloyd surged nearly 8 per cent in Thursday’s trade after the company said its arm Pt Engineering has sold its entire stake in UK-based Simon Carves Engineering to Engineers and Constructors International for $2 million.

The stock rose 7.61 per cent to hit a high of Rs 21.20 on BSE. It had hit a 52-week low of Rs 17.65 last month.

The company had registered a net loss of Rs 467.99 crore for the March quarter, compared with a net profit of Rs 268.53 crore in the year-ago quarter. In a filing to BSE, the company said the unlisted firm contributed about Rs 76.24 crore to the company’s turnover last financial year. The firm had contributed Rs 7.53 crore to the company’s total net worth.

The buyer, Engineers and Constructors International, is a design and engineering company that belongs to the Mitsui group. It is based out of Baton Rouge, Louisiana, US.