Moneycontrol Bureau
Investors have continued their buying in shares of Punj Lloyd as the engineering conglomerate has bagged four highway contracts in Bihar, Chhattisgarh, Odisha and Punjab. The stock has rallied 9 percent intraday Monday, in addition to 6 percent upside in previous trading session.
"Punj Lloyd today announced winning four highway EPC projects worth Rs 1555 crore. Projects in Bihar, Chhattisgarh and Odisha have been awarded to company by National Highways Authority of India while order in Punjab has been won from Ministry of Road Transport and Highways (MORTH)," says the company in its filing to exchange.
Scope of work for Bihar project worth Rs 567 crore entails four laning of 60 km of Simaria–Khagaria section of NH 31 while Chhattisgarh package, worth Rs 513 crore, comprises four/six laning of 48 km of Raipur-Simga section of NH 200.
In Odisha, Punj Lloyd has received contract worth Rs 392 crore for rehabilitation and upgradation of four laning with paved shoulders of 50 km of Talebani to Sambalpur section of NH 6 in Odisha.
The divesified EPC conglomerate says fourth contract in Punjab, won in joint venture with VRC Constructions (I), is for four laning with paved side shoulders of 35 km of the Tallewal-Barnala section of NH 71.
These projects fall under National Highways Development Project (NHDP), phase IV to widen major highways in India to a higher standard.
With these four wins, the Punj Lloyd Group’s order backlog stands at Rs 21,838 crore.
At 11:00 hours IST, the scrip of Punj Lloyd was quoting at Rs 31.10, up Rs 2.35, or 8.17 percent amid high volumes on the BSE.Posted by Sunil Shankar Matkar
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