Punj Lloyd shares surged nearly 19 percent intraday Thursday after its joint venture bagged a Rs 1,177-crore project from the National Highways Authority of India in Myanmar.
"A joint venture between Punj Llyod and Varaha Infrastructure has won the bid to construct the Yagyi-Kalewa road section in Myanmar at a cost of Rs 1,177 crore," the PTI said quoting senior NHAI official.
The NHAI has awarded its first international project in Myanmar.
"Joint venture has been declared by NHAI as the provisional lowest bidder in the tender for upgradation of Yagyi-Kalewa section in Myanmar to two lane with earthen shoulder on EPC (engineering, procurement and construction) mode," the company said in its clarification note.
The project has been awarded by the NHAI at a time when Prime Minister Narendra Modi is on a 3-day visit to Myanmar to help strengthen bilateral ties.
A senior NHAI official said it had received four bids for the project. The bidders included the Punj Lloyd JV, Jaypee, APCO and Effkon.
At 14:56 hours IST, the stock price was quoting at Rs 22.40, up Rs 3.30, or 17.28 percent amid high volumes on the BSE.
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