Punj Lloyd shares gain over 8% after JV wins Rs 2,780 crore contract

By: | Updated: January 28, 2016 4:59 PM

Punj Lloyd shares surged as much as 8.7 per cent on Thursday after the company announced that its joint venture with Limak (50-50 share) has won Rs 2,780 crore TANAP gas pipeline contract in Turkey.

punj lloyd shares, sensex, nifty, bse, nsePunj Lloyd shares surged as much as 8.7 per cent on Thursday after the company announced that its joint venture with Limak (50-50 share) has won Rs 2,780 crore TANAP gas pipeline contract in Turkey. (Express photo by Ganesh Shirsekar)

Punj Lloyd shares surged as much as 8.7 per cent on Thursday after the company announced that its joint venture with Limak (50-50 share) has won Rs 2,780 crore TANAP gas pipeline contract in Turkey.

At 10.21 am, shares of Punj Lloyd were trading 7.48 per cent up at Rs 25.85. The scrip opened at Rs 24.05 and had touched a high and low of Rs 26.15 and Rs 24.05, respectively, in trade so far. Sensex was down 36.23 points, or 0.11 per cent, at 24,464.35.

Later the scrip closed 6.44 per cent up at Rs 25.60.

In a BSE filing, the company said, “TANAP, The Trans Anatolian Natural Gas Pipeline Project, will be built to transport natural gas emanating from the South Caucasus Pipeline Company (SCPC) pipelines in Georgia and terminating into the Trans Adriatic Pipeline (TAP) in Greece. With this win, the Group’s order backlog stands at Rs 23,228 crore. The order backlog is the value of unexecuted order on September 30, 2015 plus new order received after that date.”

In the past one year, the share price of Punj Lloyd fell 34.65 per cent to Rs 24.05 till January 27, 2016. Sensex fell 17 per cent durign the same period.

Punj Lloyd provides engineering, procurement, construction (EPC) and project management services.

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