Punj Lloyd surges over 8% on Rs 666 crore order win

MUMBAI: Shares of Punj Lloyd surged over 8 per cent in early trade on securing orders worth Rs 666 crore contract from the Ministry of Road Transport & Highways.

The company has bagged EPC highway contract for 90.586 km of the Asian Highway Network, a co-operative project for improving transport facilities throughout 32 nations and providing road links to Europe.

“The scope of work comprises rehabilitation and upgrading to 2/4-lane of Bhutan border at Pasakha to Bangladesh border at Changrabandhra comprising Jaigaon, Hasimara, Dhupguri section and Mainaguri-Changrabandhra section. This contract includes the proposed Pasakha access road of length 6.558 km, bypass to Jaigaon and Hasimara in the state of West Bengal,” the company said in a filing to stock exchanges.

The project is scheduled for completion in 30 months.

With this new order, the Punj Lloyd Group’s order backlog stands at Rs 24,021 crore. It includes, unexecuted orders on September 30, 2014 plus new orders received after that date.

At 09:35 a.m.; the stock was at Rs 40.45, up 5.75 per cent, on the BSE. It rallied 8.23 per cent to touch intraday high of Rs 41.40 in early trade.